Retail space vacancies in the Milwaukee area fell to 11.2 percent at the end of September.
The U.S. economic crisis has had a devastating effect on retailers, resulting in several store closings. According to a new report from Boston-based Colliers International, the vacancy rate for neighborhood and community retail centers in the U.S. was up to 9.3 percent at the end of September, up from 7.5 percent at the end of 2007.
However, retail space vacancies in the Milwaukee area bucked the national trend and actually fell during that period, to 11.2 percent at the end of September from 11.5 percent at the end of 2007.
Of the largest markets in the United States, Columbus, Ohio, had the highest retail space vacancy rate, 14.8 percent, and San Francisco had the lowest, 2.8 percent, according to the Colliers report.
The retail real estate market in the Milwaukee area has a mall cap rate of 7.0 percent and a strip center cap rate of 7.2 percent, according to the report.