► The total number of retail listings decreased from 193 in the 3rd Qtr 2011 to 192 for the 4th Qtr 2011, a 0.52% reduction. Compared to 4th Qtr 2010’s 148 listings, this is a 29.73% increase.
► The total area of retail space available is 779,897 square feet, an increase of 0.73% over last quarter. Compared to 4th Qtr 2010’s 638,965 SF, this is a 22.06% increase.
► The overall weighted average net lease rate for all retail space in Alachua County during 4th Qtr 2011 was $15.14/SF with a median of $15.19/SF. This lease rate has decreased by 3.56% since the 3rd quarter and has decreased by 1.65% since 4th Qtr 2010’s rate of $15.39/SF. The lowest net lease rate for retail space was $4.20/SF, and the highest net lease rate for retail was $40.00/SF.
► The overall weighted average number of days on the market for all retail space during 4th Qtr 2011 was 530 days (a median of 454 days), or about 18 months, an increase of 5.38% over the last quarter and an increase of 4.69% since 4th Qtr 2010.
► Seven of the eleven categories either stayed the same or decreased in the number of listings. The largest percentage decrease was in the 1-1,000 square footage range, having decreased from 44 to 38 listings.
► The largest number of retail listings was for the 1,001-2,000 SF range, having a total of 68 active retail listings in the market, up one from the prior quarter. This range’s average net lease rate was $16.59/SF (median of $17.00/SF), which is the same rate as last quarter.
► The second largest number of retail listings was for the 1-1,000 SF range (38 listings) and the third largest number of retail listings was the 2,001-3,000 SF range (27 listings). These two groups had an average net lease rate of $14.94/SF and $16.80/SF respectively.
► Just over 55% of the retail inventory is under 2,000 SF, just under 70% is under 3,000 SF, and over 80% is under 4,000 SF.
► Retail spaces larger than 25,001 SF are on the market an average of 1,239 days, or almost three and a half years. Other poor performing square foot ranges are the 1-1,000 SF range and the 4,001-5,000 SF range, with an average days on the market of 761 and 641 days respectively.
► While the overall weighted median lease rate for all retail spaces under 4,000 SF is $16.11/SF, spaces over 4,000 SF decrease by 28.68% to $11.49/SF. Median numbers were used because larger spaces had fewer listings to produce accurate results.
► The number of available retail spaces over 4,000 SF stayed exactly the same from last quarter at 38 total listings. Those spaces less than 4,000 SF has decreased by only 1 listing to a total of 154. There are still 7 listings above 25,000 SF, one between 15,001-25,000 SF, and four listings that are in the 10,001-15,000 SF range.
► Overall, in 7 of the 11 square footage ranges, the number of listings either stayed the same or decreased. Lease rates either decreased or stayed the same in 10 of the 11 square footage ranges and days on the market increased or stayed the same in only 10 of the 11 square footage ranges.