In the second quarter of 2009, 155,000 square feet of new shopping center space was delivered in Lee County. In addition, 101,000 square feet of space was vacated in the second quarter for a total of 256,000 square feet of vacant shopping center space in the county.
There is currently an additional 182,000 square feet of shopping center space under construction, some of which includes failed projects that will not make it to the market this year.
Lee County shopping center total vacancy reached 10% in the second quarter, up from 9% in the fi rst quarter and 7.1% one year ago. We expect vacancy to increase in the next quarter and absorption to reverse some as tenants prepare for season.
Retail lease signings that occurred in the second quarter include:
The Furniture Solutions leased 11,715 square feet in Jamaica Bay Plaza on US 41 in Fort Myers
BC’s Furniture Exchange leased 4,008 square feet on Trails Edge Boulevard in Bonita Springs
Dollar & Beyond leased 2,600 square feet on SW Pine Island Road in Cape Coral
Read more at: www.JimGaringer.com (click on market reports)
