2015 FORT WAYNE, INDIANA RETAIL MARKET SURVEY

Transcription

1 215 FORT WAYNE, INDIANA RETAIL MARKET SURVEY REVIEW FORECAST PREPARED WITH THE ASSISTANCE OF The period of October June 215 was an active time for retail transactions in the Fort Wayne area; however, it was less active than 214 or 213. The overall market vacancy in June 215 is 15.8%, higher than the vacancy in October 214, which was 14.5%. Every quadrant saw some increase in vacancy. Today there are 14 vacant retail big boxes (2, square feet or greater) totaling 799, square feet. This compares to 12 vacant big boxes totaling 671, square feet in October 214. Notable transactions in the southwest quadrant included 5 Below at Orchard Crossing, Salud Tapas and Tequila at the Village of Coventry, a new Taco Bell and Rise and Roll Bakery both on Illinois Road. Bob Evans closed a restaurant at Jefferson Pointe. Time Corners Shopping Center and Parkwest Shopping Center are in the process of being renovated. Parkwest will be rebranded as Jefferson Commons. Activity in the northeast quadrant included ODF/Total Home taking the former Rustic Hutch space at Pine Valley, the Shepard Swim School at Chapel Ridge and Bar 145º (pictured above) in the former Outback Steakhouse on North Clinton Street. Other new restaurants in the northeast quadrant include Taqueria B at Glenbrook Commons, Casa Grande and Hideout 125 in Pine Valley Shopping Center and Black Canyon at Northbrook Village. Ted s Market/Grocery/Café is opening on Coldwater Road at Union Chapel. The northwest quadrant saw a 24/3 Surplus Discount Grocery move into White Swan Plaza and Connolly s Do It Best Hardware relocated to Wells Street. The southeast quadrant had Dollar Tree open in the Big Lot s Center in New Haven, Winner s Circle Brew Pub and Off-Track Betting relocated to Lutheran Plaza. The former Value City Furniture on Coliseum Boulevard was sold for an entertainment use. Development downtown included Wine Down Tasting and Tapas and RJE Business Interiors at The Harrison and The Hoppy Gnome in the Anthony Wayne building. Interest in retail space downtown will continue to accelerate, enhanced by the Ash Brokerage Development. Lease rates are increasing for the most attractive locations such as the Dupont Road and Illinois Road corridors. Lease rates are stable to falling for second-generation space in less desirable locations. An announcement is expected soon for a big box retailer that will develop at the southeast corner of Dupont and Diebold Roads on the northeast side of Fort Wayne. Steven K. Zacher, SIOR, CCIM Alfred J. Zacher, SIOR Joy Neuenschwander, CPM Brian G. Bean Fletcher Moppert Rachel Romary John M. Adams, CCIM Brent L. Overholt, MAI Dan Reese Zach Meyer FOR MORE INFORMATION PLEASE CONTACT: THE ZACHER COMPANY 444 EAST MAIN STREET, SUITE 23, FORT WAYNE, IN 4682 PHONE: (26) INFO@ZACHERCO.COM PUBLISHED 6/25/15

2 16,, 16,, 1,4, 14,, 12,, 1,2, 1,, 1,, 8, 8,, 6,, 6, 4,, 4, 2,, 2,

3 3, 2,5 2, 1,5 1, ,

4 *In our market, triple net means the tenant is responsible for all operating costs such as real estate taxes, building insurance, interior and exterior maintenance and repairs. The landlord is responsible for roof and structure. 1,2, 1,, 8, 8, 6, 6, 4, 4, 2, 2,

5

6 Methodology: retail market survey report is a compilation of data from many sources. The total amount of square footage in the marketplace area was originally gleaned from reports prepared by LoopNet and CoStar. It is reviewed annually and adjusted due to circumstances in the market, such as new construction, re-positioning of existing buildings to another type of use and demolition. It includes retail buildings only and does not include flex space or space that was formerly retail and converted to an alternative use. The vacancy square footage is compiled from a combination of online data from multiple major listing services, brokers information from their websites and their mailings and industry knowledge. New construction is added to the inventory upon delivery of the space, during the reporting period. Retail spaces are added to available inventory at the time the store is vacant. Available space also includes retail spaces available for sub-lease. The brokers in our office are involved in the creation of this report to provide the most accurate information possible. We cannot be responsible, however, for errors, omissions, prior sale or lease or withdrawal from the market.