TYLER - The 2014 Tyler Retail Market Survey has been completed by Burns Commercial Properties, indicating that the Tyler market has continued to exhibit considerable strength over the past year.
While the inventory of retail properties has increased, the occupancy rate has held steady. The latest data show that the 87.3 percent occupancy rate derived from the 2013 Survey remains unchanged.
The average rental rate being quoted by landlords for vacant space has risen from $14.55 per sf in 2013 to $15.09 in 2014.
The statistic which is most indicative of the strength of the market is the 104,271 sf absorbed in the past year. That amount is equivalent to 4.4 percent of the total space contained in the properties covered.
Out of the 62 properties surveyed, 37 had occupancy rates of 90 percent or higher.
Source: Burns Commercial Properties
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