The news for the Cleveland retail market was decidedly mixed in the latest retail research report from Marcus & Millichap.
According to the report, retail vacancies in 2011 should fall 10 basis points to 12.5 percent on positive net absorption of 570,000 square feet. This follows a drop of 30 basis points in retail vacancies last year.
However, rents in 2011 will fall a bit, according to the Marcus & Millichap report.
According to the report, retail asking rents in Cleveland will fall 0.4 percent to $14.85 a square foot in 2011. Effective rents will fall 0.3 percent to $12.78 a square foot.
