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| Despite the downturn in the national economy, the Tyler retail market managed to post an improvement in the past twelve months. The annual survey canvassed forty six properties which contain a total of 2,456,352 square feet of space. The survey does not include the Broadway Square Mall or free standing retail and restaurant buildings. According to the results, the occupancy rate increased from 89% one year ago to 91% in 2010. This is a strong turnaround as the 2009 rate showed a five percent decline from the previous year. The market had a positive absorption of 53,452 square feet, and the amount of vacant space declined to 220,607 square feet. CLICK HERE FOR THE FULL REPORT... |
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After three years in which the occupancy rate for office space in Tyler increased, the annual Burns Commercial Properties Office Market Survey indicates that the trend has been reversed. The Survey, which was completed in September, found that the slowdown in the national economy has had a negative effect on the Tyler commercial real estate market. The results of the fifty two building survey show that the occupancy rate dropped from 90.2% to 86.5%, while the vacant square footage increased by 84,248 square feet, up to a total vacancy of 293,539 square feet. The average rental rate was virtually unchanged at $13.44 per rentable square foot, based on a gross lease scenario. |
