Local retail vacancy falls

Retail vacancy declined by 40 basis points in the second half of 2011 to reach 2.3 per cent, according to brokerage firm Cushman & Wakefield Ottawa.

The company reported a drop in neighbourhood mall vacancy – retail properties between 10,000 to 110,000 square feet – led the charge, declining by 90 basis points to 4.8 per cent.

The largest drop in vacancy came from the Bell’s Corners submarket, where 20,000 square feet of space came off the market. This caused a substantial change in vacancy due to the submarket’s small inventory size.

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Close behind was core office tower vacancy at four per cent, a 0.8 percentage point decline.

Vacancy in regional malls and large power centres declined by 0.1 percentage points, reaching 0.6 per cent. Community malls and smaller power centres remained unchanged through 2011 at 2.4 per cent.

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