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Retailers rebound in Massachusetts
BOSTON, (UPI) -- Vacancy rates at shopping centers dropped to 5.8 percent in the first quarter in Massachusetts, well below the national average, a research firm said.
Real estate research firm Reis Inc. said the national average vacancy rate at shopping plazas was 7.9 percent in the first quarter. In Massachusetts, which leads the nation with the lowest rate, vacancies dropped from 6.6 percent in the fourth quarter, The Boston Globe reported Monday.
"Compared to other parts of the country, New England is one of the areas that these big boxes are really concentrating on and trying to open stores over the next few years,'' said Douglass Karp, executive vice president of New England Development.
In some shopping plazas discount stores are moving in, which "solves temporary bleeding for landlords," said Mark Hickey, a real estate economist with CoStar Group Inc.
Luring discount shoppers into areas with brand-name outlets may do a disservice to some retailers, however, he said.
"Banana Republic and Gap are not going to get the same kind of customers with an Ocean State Job Lot or thrift store that they would have from Linens 'N Things or Circuit City," he said.
BOSTON, (UPI) -- Vacancy rates at shopping centers dropped to 5.8 percent in the first quarter in Massachusetts, well below the national average, a research firm said.
Real estate research firm Reis Inc. said the national average vacancy rate at shopping plazas was 7.9 percent in the first quarter. In Massachusetts, which leads the nation with the lowest rate, vacancies dropped from 6.6 percent in the fourth quarter, The Boston Globe reported Monday.
"Compared to other parts of the country, New England is one of the areas that these big boxes are really concentrating on and trying to open stores over the next few years,'' said Douglass Karp, executive vice president of New England Development.
In some shopping plazas discount stores are moving in, which "solves temporary bleeding for landlords," said Mark Hickey, a real estate economist with CoStar Group Inc.
Luring discount shoppers into areas with brand-name outlets may do a disservice to some retailers, however, he said.
"Banana Republic and Gap are not going to get the same kind of customers with an Ocean State Job Lot or thrift store that they would have from Linens 'N Things or Circuit City," he said.