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Commercial property vacancyEconomic Development |
Description
Commercial vacancy rates are an important economic indicator. The rates help determine if there is proper balance between supply and demand for the various types of space. Low rates typically indicate a healthy economy as there is strong demand for the product type while higher rates signal a depressed economic environment. The annual rate represents an average of the January and July reports.
Analysis
The City of Charlottesville continues to demonstrate a stable retail property environment. In Charlottesville, all of the City’s shopping centers have lower vacancy rates than the expected national average, which is projected to fall to 9.10% in 2016. In fact, the Corner is at 4.84%, Barracks Road Shopping Center is at 2.22%, the Downtown Mall is at 3.16%, McIntire Plaza is at 0.00%, Preston Plaza is at 0.00%, and Seminole Square is at a 7.55% vacancy rate. Altogether, the City of Charlottesville’s July 2016 vacancy rate is 3.34%, which is nearly identical from the overall vacancy rate of 3.31% in January 2016.