{"id":1004018218,"date":"2010-03-08T10:31:56","date_gmt":"2010-03-08T18:31:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018218"},"modified":"2022-12-03T00:09:08","modified_gmt":"2022-12-03T08:09:08","slug":"dc-tops-list-of-best-retail-markets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dc-tops-list-of-best-retail-markets\/","title":{"rendered":"DC Tops List of Best Retail Markets"},"content":{"rendered":"<p>March 8, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004018223\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dc-tops-list-of-best-retail-markets\/faceless-b\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg\" data-orig-size=\"500,374\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Faceless B\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg?w=500\" class=\"alignright size-medium wp-image-1004018223\" title=\"Faceless B\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg\" alt=\"\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg?resize=300,224 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>It looks like some major metro areas are seeing favorable conditions. Marcus &amp; Millichap have named Washington, DC, San Diego, and San Francisco as the three best retail markets in the country.<\/p>\n<p>The firm\u2019s 2010 National Retail Report reports Washington as the number-one market, followed sequentially by San Diego and San Francisco. Washington\u2019s low vacancy rate and strong job market were credited as factors in the strong retail performance.<\/p>\n<p>\u201cA healthy balance between demand drivers and supply are common themes in Washington, San Diego, and San Francisco,\u201d Marcus &amp; Millichap senior vice president and managing director of the real estate investment services\u2019 national retail group Bernie Haddigan told CPE. \u201cAs a result, of the 44 markets covered in the National Retail Report, these markets are forecast to have the three-lowest vacancy rates in the country by the end of 2010 and rank at the top of the National Retail Index.\u201d<\/p>\n<p>Marcus &amp; Millichap\u2019s 2010 forecast retail vacancy rate for the three cities is as follows: San Diego at 6 percent, San Francisco at 4.3 percent, and Washington at 6.6 percent. The U.S. forecast vacancy rate is 10.4 percent. Haddigan pointed out that all three markets benefit from above-average household incomes that support retail spending, particularly in Washington and San Diego. Tourist dollars are also a boost for these markets.<\/p>\n<p>\u201cRetail fundamentals in San Diego and San Francisco are also supported by impediments to new development, limiting the competition that comes from the construction of new space,\u201d he said.<\/p>\n<p>Washington\u2019s median household income is $85,925, while San Francisco\u2019s is $74,724. San Diego\u2019s is $60,230.<\/p>\n<p>These three top markets, however, have not been immune to the recession, according to Haddigan. From year-end 2007 to year-end 2009, San Diego and Washington recorded respective vacancy increases of 240 basis points and 280 basis points, in line with the nation\u2019s average 280 basis-point increase. However San Francisco\u2019s retail vacancy has tightened 10 basis points since year-end 2007, dropping from 4.2 percent to 4.1 percent, albeit with lower rents and landlord concessions.<\/p>\n<p>\u201cWhile the rate increases in these two markets were similar to the national average during the recession, the overall vacancy rates were much lower, and retail operating conditions were far tighter in San Diego at 5.7 percent and Washington, D.C. at 6.4 percent than in the U.S. at 9.9 percent,\u201d Haddigan said.<\/p>\n<p>He anticipates strong retail property performance over both the short- and long terms in the three markets, with employment growth expected to outpace the national average this year.<\/p>\n<p>Over the longer-term, many of the healthy supply and demand features of these markets will persist,\u201d he said. \u201cIncomes in all three metro areas will remain elevated. Household and employment growth in Washington, D.C., will continue to advance steadily, while the limited availability and elevated land costs in both San Diego and San Francisco will prevent overbuilding. As such, vacancies should remain low, which will ultimately drive NOI growth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It looks like some major metro areas are seeing favorable conditions. Marcus &amp; Millichap have named Washington, DC, San Diego, and San Francisco as the three best retail markets in the country.<\/p>\n","protected":false},"author":936,"featured_media":1004018223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21749],"tags":[],"class_list":["post-1004018218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>DC Tops List of Best Retail Markets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dc-tops-list-of-best-retail-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DC Tops List of Best Retail Markets\" \/>\n<meta property=\"og:description\" content=\"It looks like some major metro areas are seeing favorable conditions. Marcus &amp; Millichap have named Washington, DC, San Diego, and San Francisco as the three best retail markets in the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dc-tops-list-of-best-retail-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-03-08T18:31:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-03T08:09:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Faceless-B.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"374\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"DC Tops List of Best Retail Markets\",\"datePublished\":\"2010-03-08T18:31:56+00:00\",\"dateModified\":\"2022-12-03T08:09:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/\"},\"wordCount\":487,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/03\\\/Faceless-B.jpg\",\"articleSection\":[\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dc-tops-list-of-best-retail-markets\\\/\",\"name\":\"DC Tops List of Best Retail Markets - 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