CBRE: U.S. CRE continued to recover during Q3
Los Angeles — The U.S. commercial real estate market continued a slow, but steady, recovery in the third quarter of 2013, according to the latest analysis from CBRE Group.
In the quarter, the retail availability rate declined 10 basis points to 12.2% and had fallen 70 basis points from one year ago.
Office vacancies dropped 10 basis points during the quarter to 15.1% and 50 basis points over the past year. Industrial availability decreased by 30 basis points from the second quarter to 11.7%. That rate is 130 basis points below last year. Apartment demand held steady with a vacancy rate for the quarter of 4.6%.
Retail sales have been volatile in recent months, continues the CBRE report. Growth still hovers slightly below its long-term trend and consumers seem more cautious as the holiday shopping season gets underway.
Analysts project the housing recovery will continue, a development that will benefit retailers selling housing-related goods. These retailers were the hardest hit during the downturn and have yet to return to pre-recession sales peaks. Other discretionary and necessity retailers have already reached and surpassed their pre-recession highs.
REI to open in Keizer, Ore., in spring
Seattle — REI announced it will open a 22,000-sq.-ft. store at Keizer Station, Keizer, Ore., this coming spring.
“REI prides itself on expert employees and quality products that enhance anyone’s trip into the great outdoors,” said Kevin House, REI retail director for the Sierra-Cascade district. “The new store at Keizer Station will extend our services and product expertise to 13,300 eager and loyal members in Salem, who previously traveled more than 30 miles to shop at an REI store.”
Hhgregg opens new Alabama store
Indianapolis – Hhgregg opened a new store in Huntsville, Ala., on Oct. 10. The new store replaces a previous location at a different address.
"We are excited to introduce a new, modern store to our customers in Huntsville," said Jeff Pearson, senior VP of marketing for Hhgregg. "We hope that residents will take advantage of special sale pricing on a wide variety of appliances, electronics, furniture and much more."