Burlington, MA KeyPoint Partners, LLC has released The KeyPoint Report for Eastern Massachusetts/Greater Boston 2016, according to Bob Sheehan, vice president of research. This comprehensive retail real estate report examines supply, occupancy, absorption, and retailer expansion and contraction for virtually every retail property in the region. This year’s report features a ten-year historical report on expansion and contraction in all major retail tenant categories in the region from 2006 to the present.
According to the report, total retail space for the region was 194.2 million s/f. Occupancy was down just slightly, which brought the vacancy rate to 9% from 8.8% a year ago. Target again led retailers in new square footage in the region, adding 160,000 s/f, while Webster Bank ranked first in new store count, adding 16 units. Other retailers high in the expansion ranks include Lifetime Fitness, Dollar Tree, and Wegmans.
The special section, a ten-year historical report, tracks expansion and contraction since 2006 among all major retail tenant categories in the region, Sheehan says, gives a clear picture of how social values, shopping habits, and lifestyle choices of shoppers have changed the retail real estate landscape.
“The Health and Fitness Services category nearly doubled in total space since 2006, currently including approximately 7.6 million s/f. Pet Shops & Pet Supplies space gained about 55%, reaching a level of 1.4 million s/f. Medical & Dental Services has shown considerable expansion, and is currently up to 1.7 million s/f,” Sheehan said. “In terms of store count, growth in cell phone business drove Telephone Equipment to the top, with store count increasing by 34%.”
The Report is based on KeyPoint Partners’ GRIIDÔ, a powerful source of retail market knowledge that maintains detailed information on virtually every retail property in key New England markets. The Eastern Massachusetts Report includes 189 cities and towns, representing more than 3,500 square miles (44% of Massachusetts’ land area) and approximately 5 million people (76% of the state population).
The complete KeyPoint Report can be accessed at KeyPointPartners.com.