Newspaper article THE JOURNAL RECORD

Shopping Center Vacancy Rates Fall 11.6%

Newspaper article THE JOURNAL RECORD

Shopping Center Vacancy Rates Fall 11.6%

Article excerpt

Vacancy rates for central Oklahoma shopping centers during the 1994 fall-winter survey period dropped to 11.6 percent from 12.4 percent as reported in the same period of 1993, according to Price Edwards Co. in Oklahoma City.

Figures were taken from the Price Edwards' Shopping Center Market Survey Fall-Winter 1994 and from the firm's Shopping Center Market Survey Fall-Winter 1993.

The 1994 figure also was down from 11.9 percent vacant during the spring-summer 1993 survey published by the firm.

"The market has remained fairly constant for the last six months," said Mary R. Grace, senior vice president-retail at Price Edwards. "Several trade areas reflect a 5 percent or more drop in the vacancy rate. In most cases this was caused by a cumulative absorption in space in that area."

She said drops in vacancy rates were offset by an increase to 45 percent vacancy rate in the trade area that includes Shepherd Mall. "The mall was sold in July to local investors and is adding some vacancy while the new owners reposition the center."

Other centers that were sold in the last six months include Outlet Malls of America at 8400 Northwest Expressway, Windsor Hills at 4601 NW 23rd St. and Town and Country at 12325 N. May Ave.

The survey included 214 shopping centers in 21 trade areas and also six regions of the Oklahoma City metropolitan area. Those centers had a total gross leasable area of 20.1 million square feet, 2.3 million square feet of which was vacant.

Not included was Edmond Crossing at 33rd St. and Wynn Dr. The center's first store, T.J. Maxx, opens Sunday.

Vacancy rates were at their lowest at 11.1 percent in fall 1985 when the survey first began. Rates have continuously dropped since peaking at 15.9 percent in spring of 1991.

Individual regions of the fall-winter 1994 survey showed: Northwest Oklahoma City had the most shopping centers surveyed with 102. …

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