May 9, 2007

Shocker: DC Retail Market Underserved Says Report

The whole region remains underserved as the growing population continues to demand more retail services, particularly in DC where there is only 8.1 square feet of retail space per capita (SF/Capita), said the Spring 2007 Retail Outlook from Delta Associates. This compares with the Metro area average of 24.4 SF/Capita and the national average of 20.3 SF/Capita.

Plus, it's not like there is alot of space sitting empty either. Compared to the national vacancy rate of 7.2%, DC, as well as Loudon and Fairfax Counties, have vacancy rates below 1.0%.

This is shocking given the number of condos that have been built over the past decade or so. And are still on the drawing board.

Given the way the DC population grows each day with office workers and tourists, the amount of retail should be relatively high, not relatively low. Part of the problem is the continued misperception of DC has as the home of the poor and unsophisticated. So unture and so hard to change.

Here is what the WashExam had to say.

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