Reis in the News
By Tory N. Parrish
Source: Newsday – LI retail vacancy rise has shopping centers looking for new, diverse tenants
Arcade-restaurant venue Dave & Buster’s set up shop in part of a former Walmart space in Massapequa in May.
Planet Fitness moved into part of a former Waldbaum’s supermarket in Greenlawn in November.
Discount retailer Burlington is headed to a former Toys R Us/Babies R Us store in Commack late this year.
Local malls and shopping centers are increasingly seeking to fill vacancies with tenants that aren’t susceptible to online competition, such as medical offices, gyms, restaurants, and other entertainment options, as well as off-price stores, including Burlington and Marshalls, which are faring well as shoppers’ demand for bargains grows.
The bankruptcies and closings of several national retailers in recent years, including Toys R Us, Sears and Mattress Firm, have pushed up Long Island’s retail vacancy rate, especially at shopping centers that had big box anchors.
The vacancy rate at Long Island shopping centers between 10,000 and 350,000 square feet rose above 7 percent in the second and third quarters of 2018, up from 6.7 percent in both quarters a year earlier, according to data from Manhattan real estate information company Reis Inc. The second-quarter vacancy rate of 7.3 percent was the highest for that period in 18 years.