Tuesday, August 12, 2008

Retail For Lease

The number of retail stores offered for lease is staggering. I'd guess 70% of the square footage offered is still occupied.

The one exception I'm seeing is well designed medical retail plazas. Our pediatrician occupies one three blocks from our rental. I *really* thought it was a very poor location for any retail back when I first noticed it under construction.

The various medical offices are doing wonderfully! The Pediatrician is hopping (a 25+ year practice that needed a larger office), the Dialysis center lobby was overflowing. There is even a small non-chain specialty Pharmacy that seems to be doing really well! Now, the center isn't fully set up (yet). The 'imaging center' is still moving in the machines.

But what struck me is that the liquor store and coffee/bagel place are struggling.

So there is some long term upside out there. Recessions are a good thing as they move surplus labor from overstaffed industries into growth industries. Its going to be interesting, for medical requires quite a bit of training to transition.

I'll be more curious to see how many people are willing to accept a manufacturing job who previously were 'white collar professionals.' ;)

Got Popcorn?

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