In 2009, Retail Real Estate Industry Delivered Lowest Amount of Space in 27 Years

Posted on January 27, 2010
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CoStar Group Inc.’s National Retail Market report reveals that the retail real estate industry delivered 79.5 million square feet of space in 2009—the lowest amount of new construction in CoStar’s records, which go back to 1982.

The amount of new space fell throughout the year with the fourth quarter marking a new low point, according to the report. During the fourth quarter 2009, 462 buildings totaling 14,387,904 square feet were completed in the U.S. retail market, compared with 700 buildings with 20,676,093 square feet completed in the third quarter, 730 buildings totaling 18,722,135 square feet in second quarter 2009, and 1,046 buildings totaling 25,741,120 square feet in the first quarter 2009.

As far as new projects are concerned, CoStar’s records show that there is currently 37,062,947 square feet of retail space under construction as of the end of the fourth quarter.

The largest projects underway at the end of fourth quarter include Ridge Hill Village Center, a 1,200,000-square-foot retail lifestyle center in the Westchester/South Connecticut market with 73 percent of its space pre-leased, and Riverbend District – Phase I, an 800,000-square-foot retail lifestyle center in the Northern New Jersey market that is 0 percent pre-leased.

Total retail inventory in the U.S. market area amounted to 9,200,779,604 square feet in 642,335 buildings and 73,347 centers as of the end of the fourth quarter 2009.

2009 Retail Delivery Comparison Chart

2009 Retail Delivery Comparison Chart

Aside from the construction trends, CoStar reported that the national vacancy rate for retail properties stands at around 7.6 percent, which represents no change from the previous quarter. The vacancy rate was 7.1 percent in the first quarter and 7.4 percent at the end of the second quarter.

On the bright side, retail net absorption was slightly positive in the U.S. in the fourth quarter of 2009, with positive 10,368,004 square feet absorbed, up from 5,946,853 square feet of positive absorption in the third quarter and a vast improvement over the first and second quarters when there was negative absorption of 19,217,925 square feet and 9,913,325 square feet respectively.

ALDOT sets project list for Stimulus Plan Money

Posted on January 5, 2009
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In anticipation of President-Elect Obama’s proposed economic stimulus package, ALDOT has assembled a list of sixteen “ready-to-go” projects.

Jefferson County: I-65/Corridor X (I-22), $300 million.

St. Clair County: I-20 additional lanes, $78 million.

Marengo County: Add lanes to U.S. 43; the Linden Bypass and the Alabama 69 extension, $38 million.

Talladega County: Add lanes to Alabama 21 from Kelly Creek to Munford, $18 million; add lanes to Alabama 21 from Sylacauga to Talladega County 213, $74 million; add lanes on 21 to Munford, $24 million; add lanes to Alabama 275 from Alabama 77 to Alabama 21, $31 million; complete the Anniston East Bypass from Lake Yahou to U.S. 431, $36 million.

Lauderdale County: Widen U.S. 43 from Killen to Alabama 64, $19 million.

Madison County: Widen Alabama 255 from Dan Tibbs Road to one mile north of Alabama 53, $36 million; widen Memorial Parkway from Oakwood Avenue to Sparkman Drive, $41 million.

Etowah County: Widen U.S. 411 from Tuekeytown to Etowah County 20, $38 million.

Baldwin County: Widen Alabama 181 from Baldwin County 64 to U.S. 90, $22 million.

Houston County: Widen Alabama 52 from Taylor to Malvern, $19 million.

Coffee County: Widen U.S. 84 from New Brockton to Enterprise, $16 million.

 

SSAB selects Mobile for $460 million niche steel expansion

Posted on October 21, 2008
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SSAB today announced that it has selected Mobile, Alabama, as the site for a new state-of-the-art heat treating facility. The investment will increase the existing facility’s quenched and tempered steel capacity from 100,000 to 400,000 metric tonnes and bring approximately 180 new jobs to the facility. The investment is part of the investment program which was announced in August 2008.

In April 2008, SSAB announced it would increase its steel plate heat treating capacity in the United States. After an extensive review, Mobile was selected as the site for the new heat treating facility and other improvements.

“This reaffirms SSAB’s focus on our value added quenched and tempered steel and our commitment to meet customers’ growing demand for such products. SSAB will further develop its strong production base in the United States, both in Mobile and Montpelier, and we will continue to strengthen our strategy to be the global leader in high strength steel,” says Olof Faxander, CEO of SSAB.

“This investment develops our market position in quenched and tempered steel. In addition, we would like to thank the many State officials, local officials and other stakeholders, in both Iowa and Alabama, who worked to support this investment,” notes David Britten, President of SSAB, North American Division.

The heat treatment facility will produce quenched and tempered steel plate which is used throughout the manufacturing and construction sectors in applications where properties such as strength, hardness and toughness are required beyond those available in commercial grades.

The US$ 460 million investment program comprises a new quenching line, advanced finishing facilities, control and roll shifting technology for the rolling mill and a vacuum tank degasser. The investment is included in the investment program for the group that was announced in August.

The projects will bring approximately 180 new jobs to the facility. Construction will commence in 2009 and production will begin in 2011.
SSAB, a global niche producer of high strength steels with a leading market position and productivity, develops solutions in order to increase the competitiveness of its customers.

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