February 28, 2013
A recent study on vacancy rates for major retail areas in Charlottesville shows that the city remains a good place to set up shop.
The study comes from Office of Economic Development, which found a total of thirteen retail vacancies in Charlottesville.
The Downtown Mall vacancy rate was down from 2.08% to 1.04% with only 2 vacancies remaining.
Barracks Road's rate dropped from 3.33% in July 2012 to 3.30% in January 2013.
The Corner's vacancy rate remained constant at 1.69%, while Preston Plaza is completely occupied.
Seminole Square was the only shopping center to experience a rise in its rate, increasing from 7.55% in July 2012 to 13.21% for this study with 3 additional vacancies.
McIntire Plaza, which was new to the study in January 2012, experienced a decrease in its vacancy rate from 2.08% in July 2012 to 0.00% for this study.
"The overall vacancy rate in the major shopping areas of the city is slightly lower than it was six months ago which continues a positive trend," noted Economic Development Director Chris Engel. "These minute fluctuations suggest that the retail situation in Charlottesville is stable, as empty storefronts in general are not staying vacant for long periods of time."
Further details can be found on the Economic Development website