Eastern MA report analyzes retail occupancy, changing tenancy
KeyPoint Partners, LLC has released The KeyPoint Report for Eastern Massachusetts/Greater Boston 2015, Bob Sheehan, Vice President of Research, announced today. This comprehensive retail real estate Report examines supply, occupancy, absorption, and retailer expansion and contraction for virtually every retail property in the region. This year’s Report features a special ten-year historical perspective on the changing restaurant landscape from 2005 to the present.
“Retail real estate inventory inched up slightly, a sign that new retail development continued some momentum from last year,” Sheehan says. “However, national and regional chains continue to close stores, leading to an uptick in vacancy.”
According to the Report, total retail space for the region was 193.2 million square feet. Occupancy was down just slightly, which brought the vacancy rate to 8.8% from 8.5% a year ago, but this was balanced by positive absorption. Target led retailers in new square footage added in the region, adding 277,600 square feet, while Subway ranked first in new store count, adding eight units. Other retailers high in the expansion ranks include supermarket chains Market Basket and Wegmans.
Sheehan notes that while store footprints are shrinking and chains continue to consolidate, there are a number of positive factors at work. “Viable non-retail users are occupying traditional retail spaces, such as medical and dental tenants and entertainment venues such as King’s and Sky Zone,” Sheehan says. “Major grocery and restaurants chains were busy growing this year as well,” he notes.
The special section of the Report tracks restaurant expansion and contraction since 2005 among 35 prominent chains with 10 or more locations in the region.
The Report is based on KeyPoint Partners’ GRIIDÔ, a powerful source of retail market knowledge that maintains detailed information on virtually every retail property in key New England markets. The Eastern Massachusetts Report includes 189 cities and towns, representing more than 3,500 square miles (44% of Massachusetts’ land area) and approximately 5 million people (76% of the state population).
The complete KeyPoint Report can be accessed here. The KeyPoint Reports for Southern New Hampshire and Greater Hartford, Connecticut will follow shortly. For more information about KeyPoint Partners’ retail research capabilities and the KeyPoint GRIID contact Bob Sheehan, Vice President of Research, at BSheehan@KeyPointPartners.com or at 781.418.6248.