Two sectors of the business actual property trade in Lincoln proceed to battle, whereas a 3rd is in the perfect form it is ever been.
A report issued earlier this month by NAI FMA Realty confirmed that Lincoln’s retail market, which was already within the worst form in practically a decade, stayed regular, whereas the workplace market continued to worsen.
The retail emptiness charge stood at 7.1% on the finish of December, the identical because it was on the finish of June, however up from 6.6% on the finish of 2019. It is also the best charge for the reason that finish of 2011.
Two extra giant retailers shut down Lincoln areas within the second half of final yr. Mattress Bathtub & Past closed its 25,000-square-foot north Lincoln retailer, and Contemporary Thyme Market closed its 30,000-square-foot retailer at 52nd and O streets.
Plenty of smaller nationwide retailers additionally closed areas, together with Catherines, Justice, Lane Bryant and Jos. A Financial institution.
There have been a couple of small wins, nonetheless.
Omaha-based Wine, Beer and Spirits moved into the 30,000-square-foot former Toys ‘R’ Us constructing at 5220 N. twenty seventh St. in December. And a few small regional and native retailers moved into Gateway Mall within the fall. Get together Metropolis additionally opened a ten,000-square-foot retailer at SouthPointe Pavilions.
General, downtown was hardest hit. NAI FMA gross sales affiliate Jared Froehlich mentioned in a video that the world was hit by a “mass exodus” of customers and workplace employees who labored from residence and plenty of College of Nebraska-Lincoln college students who took on-line lessons.