Available U.S. Retail Space to Drop for First Time Since 2005, CBRE Says

Space available for leasing at U.S. local shopping centers will decline next year for the first time since 2005 as a growing economy spurs retailer expansion, commercial-property brokerage CBRE Group Inc. said.

The availability rate, a measure of space being marketed and ready for tenant construction within a year, will fall to 12.4 percent for neighborhood and community shopping centers at the end of 2012. That’s down from a peak of 13.3 percent in the second quarter of this year, according to a forecast from CBRE Econometric Advisors, a unit of Los Angeles-based CBRE Group.

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