Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2014 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that are driving the economy and commercial real estate performance in markets across the country.
TOP RETAIL MARKET TO WATCH : Nashville, Tennessee
A state capital with a skilled workforce and diverse economy, Nashville is staging a strong comeback in its retail fundamentals. The vacancy rate dropped by 100 basis points year-over-year in 2013 and is poised to enter single-digit territory this year. Absorption has been positive across all retail subsectors and has been most pronounced in the city’s malls, which accounted for nearly a third of net absorption. Mall fundamentals have firmed up markedly in the past 18 months, reining in vacancies from a rate in the mid-teens to more closely match the citywide rate near 10 percent. With little new space delivered in 2013 and a scant supply in the pipeline, fundamentals are on track for further improvement this year. As Nashville enters the radar screens of more investors at the national level, competition could help to preserve and enhance value as interest rates rise.
To read more on Nashville, and other top retail markets, download the full version of the Top Retail Markets to Watch report below.
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