Pittsburgh-based PNC Financial Services Group Inc. and the International Council of Shopping Centers (ICSC) have released a new market research report that offers in-depth coverage and analysis of U.S. retail and restaurant store-closing data.
The new U.S. Retail Real Estate Supply Conditions report represents a tally compiled by ICSC and PNC of the number of U.S.-based establishments that have been publicly reported to be closing. While the historical announced-closings numbers have been retained, a new metric has been incorporated that estimates the amount of square footage expected to be vacated. This number is then disaggregated by segment and metro area to better assess the impact of these announced store closings. The first report, covering the fourth quarter of 2010, was released this week.
‘The combined efforts of our organizations will produce a valuable tool for the commercial real estate industry,’ says Marc McAndrew, executive vice president of PNC Real Estate. ‘Retail store closings and reductions are key indicators of the overall strength of commercial real estate markets, and this report will provide our customers with useful analysis on the issues that are most critical to their daily operations.’
SOURCE: PNC Financial Services Group
