Study lists cities most, least likely to recover
New York City A recent study named the U.S. cities most, and least, likely to recover from the commercial real estate decline.
According to Commercial Lease Law Insider, the study employed office and retail vacancy data from real estate research firm Reis to examine 79 cities to determine those most and least likely to recover from what some anticipate to be a commercial real estate collapse, driven by declining rents and billions of dollars in commercial mortgages coming due soon.
Ranked first among the cities expected to recover was Birmingham, Ala., selected for its healthy blend of insurance, medicine, publishing, biotechnology, and higher education companies and institutions.
Other cities poised for recovery include: Tulsa, Okla.; Pittsburgh; Long Island, N.Y.; Washington, D.C.; Philadelphia; Louisville, Ky.; Portland, Ore.; Raleigh/Durham, N.C.; and Fairfield County, Conn.
Cities least likely to recover, according to the study, are Las Vegas; Baltimore; Detroit; San Bernardino/Riverside, Calif.; Hartford, Conn.; Dayton, Ohio; New York City; Charleston, S.C.; Tacoma, Wash.; and New Haven, Conn.
Legacy Place officially opens
WS Development and co-developer National Amusements Aug. 27 that its 675,000-sq.-ft. open-air shopping center Legacy Place, in Dedham, Mass., has officially opened.
The center is 93% leased and anchored by Whole Foods Market, L.L. Bean, Showcase Cinema de Lux, Borders and Kings.
On Aug. 28, Showcase Cinema de Lux officially opened. Showcase Cinema de Lux is National Amusements’ newest brand, providing guests an enhanced level of luxury and comfort.
In addition to Showcase Cinema de Lux, several major specialty stores are opening this week at Legacy Place, including Apple, Au Bon Pain, Clarks, Johnston & Murphy, Merrell, Oakley and Pandora jewelry.
CVS to open store in Tulsa
Tulsa, Okla. CVS Caremark already has plans for at least four more to open in 2010 in the market, after the first one opens in September, Mike DeAngelis, spokesman for the chain, told the paper.
CVS Caremark already has plans for at least four more to open in 2010 in the market, after the first one opens in September, Mike DeAngelis, spokesman for the chain, told the paper.
“Tulsa’s a part of our growth plan for 2010,” he said.