TUCSON-At first glance, CBRE’s first quarter market report tells a sad story for the Tucson retail sector. The numbers indicate negative net absorption and an unchanged vacancy rate compared to the same period last year.
During the first quarter of 2011, the market recorded 79,418 square feet of negative absorption, according to CBRE. For the same period, the vacancy rate was 12.2% – relatively unchanged from a year ago, when the retail vacancy was 12.3%.
Yet the data doesn’t tell the entire story, according to Nancy McClure, a retail specialist in CBRE’s Tucson office. Although the local market continues to lose bankrupt retailers including Ultimate Electronics, Borders and Blockbuster, demand from both national and local retailers is strong.
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