Home Front

A blog about the economy and the Sacramento-area real estate market.

May 15, 2009
More and more empty storefronts

   The vacancy rate keeps creeping up at Sacramento-area shopping centers.

    The rate hit 11.8 percent in the first quarter, according to a report released today by Colliers International's Sacramento office.

    That's up from 10.7 percent at the end of 2008. In the third quarter it was 8.8 percent.

     If this makes you feel any better, we have plenty of company: 36 of the 42 markets tracked by Colliers experienced higher vacancy rates in the first quarter.

     The growth of retailers such as Kohl's (which is picking up some of the Mervyns locations around Sacramento) helps. But things are certain to get worse before they get better. The death of Gottschalks Inc. this summer is one of the more notable retail stories we're tracking these days.

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