Los Angeles — The retail availability rate fell 70 basis points in 2013, reaching 12% and reflecting continued net absorption gains, according to a report from CBRE. The rate fell 30 basis points in the fourth quarter, which matches the momentum of the first half of 2013 after a flat third quarter.
For the year, a majority of markets recorded declining availability rates, and just 19 markets recorded flat or increasing rates. Houston, Austin, Detroit and Fort Worth recorded declines in availability rates of 60 or more basis points in the fourth quarter. Other markets recording decreasing rates were Albuquerque, Charlotte, Nashville and Chicago. With the exception of Albuquerque, these markets remain below the rates recorded in 2012.
Markets showing the most improvement during 2013 include Fort Worth, Dallas, Houston, and Memphis.
New York, San Diego, Albuquerque, Raleigh, and Tampa, are the only markets with higher availability than a year ago.
CBRE forecasts the availability rate for neighborhood and community shopping centers in 2014 to decline to 10.6%.