Three new shopping centers were completed in the second quarter,the brokerage firm's report says, pushing the county's inventory ofretail space up by 665,000 sf to a total of 71.5 million. Thatraised the countywide retail vacancy rate to 8.09% at the start ofthe third quarter from 7.51% in the first three months of theyear.
Nonetheless, the report says, average asking lease rates rose 8%in the second quarter to $1.67 psf per month from $1.55 in thefirst quarter. Many retail outlets throughout the county have seentheir sales skyrocket over the past several months, thanks to theregion's strong economy and record levels of consumer spending.
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