A new Cushman & Wakefield U.S. Shopping Center Snapshot from the fourth quarter of 2015 shows the overall retail vacancy for the country at 8%, unchanged from the third quarter, marking the 15th consecutive quarter of steady or declining vacancy in the marketplace.
Mirroring that trend, the retail vacancy rate for Atlanta dropped during each quarter in 2015, falling from 10.7% in Q4 2014 to 9.5% in Q4 2015. Similarly, the retail vacancy rate in the South went from 8.6% in Q4 2014 to 7.9% in Q4 2015.
Atlanta also saw a strong retail absorption number in Q4 2015, hitting 807,514, easily the metro area’s highest of any quarter last year. That also ranked highly among all major U.S. metros, with only Dallas (1,136,065), New York City (986,571) and Miami/South Florida (865,445) seeing higher absorption in the quarter than did Atlanta.
Average asking rents also continued to climb in Atlanta’s retail sector throughout 2015, bumping a bit higher each quarter. They started at $22.49 in Q4 2014, and finished the year at $23.37. That’s well above the average asking rent in the South region, with was $19.82 in the final quarter of 2015.
For more from Cushman & Wakefield’s new report, including national five-year trends in overall vacancy and our look at what we expect to see in the coming year for the retail market, click on the image below.