Burlington, Mass. – Locally based Finard & Co. LLC released its fourth annual report on the state of retail real estate in the greater Hartford area. The study showed a 1 percent growth in retail space inventory and a 6.5 percent drop in vacancy in 2000.
Retail space in the area witnessed a net growth of 287,000-sq.-ft. to a total of 34.3 million sq. ft. during the 12-month period ending Sept. 31, 2000. During the same period, vacancy declined by 312,000-sq.-ft. to 4.3 million sq. ft., a drop of 6.5 percent. The study projected retail rental rates to be flat in the coming year with modest increases in the top destination locations.