CHARLOTTESVILLE, VA - The most recent study regarding vacancy rates for major retail areas in the City of Charlottesville shows that the City remains an attractive place for retail business.
Charlottesville is well below the suburban Virginia average of 6.80%. This rate went down slightly from 3.10% in July 2012 due to fewer vacancies on the Downtown Mall, Preston Plaza, and McIntire Plaza. The rate remains comparable to the July 2008 pre-recession rate (3.10%). Below are a few major points of interest from this study.
Downtown Mall - (Main Street, side streets, south side of Market Street, and north side of Water Street)
- The Downtown Mall vacancy rate was reduced from the July 2012 study from 2.08% to 1.04%.
- In total, there are only 2 vacancies on the Downtown Mall.
- All of these vacancies are located on Main Street and the side streets (1 and 1 respectively).
- There have been 7 newly occupied properties on the Downtown Mall since July 2012.
Other Major Shopping Centers - (Barracks Road, the Corner, Preston Plaza, Seminole Square, and McIntire Plaza)
- Barracks Road's vacancy rate decreased slightly, dropping from 3.33% in July 2012 to 3.30% in January due to the recent partitioning of a storefront.
- The Corner's vacancy rate remained constant at 1.69%, as the same property that was vacant in both the January 2012 and July 2012 reports is still vacant at this time.
- Preston Plaza's vacancy rate was reduced to 0.00%. The one property that was vacant in July 2012 has been occupied by another business in the shopping center to expand its services.
- Seminole Square was the only shopping center to experience a rise in its vacancy rate, increasing from 7.55% in July 2012 to 13.21% for this study with 3 additional vacancies.
- McIntire Plaza, which was new to the study in January 2012, experienced a decrease in its vacancy rate from 2.08% in July 2012 to 0.00% for this study.
"The overall vacancy rate in the major shopping areas of the City is slightly lower than it was six months ago which continues a positive trend," noted Economic Development Director Chris Engel. "This decrease from July 2012 equates to 1 less vacancy across the City. These minute fluctuations suggest that the retail situation in Charlottesville is stable, as empty storefronts in general are not staying vacant for long periods of time."
Further details on the areas examined in the study and the methodology used are included in the full report, which can be found on the Economic Development website.