Retail Construction Is Making A Comeback!
Retail construction dropped precipitously during the recession. In fact, the amount of retail construction has decreased each consecutive year for the past 5 years. Below are the construction totals going back to our banner year in 2007.
- 2007 - 1,380,000 square feet completed
- 2008 - 780,000 square feet completed
- 2009 - 227,000 square feet completed
- 2010 - 178,000 square feet completed
- 2011 - 23,000 square feet completed
The goods new is that 2012 could see the most retail product delivered in years. Some of the projects currently under construction or newly completed are:
- Big Al's Entertainment (66,000 SF) is set to open August 2012 in Meridian Town Center located at Eagle & Fairview. Also under construction in Centercal's lifestyle center is a 91,000 multi-tenant retail building which began construction earlier this year.
- Rosauer's completed their 63,000 SF grocery store at Eagle & Ustick.
- Fred Meyer is under construction at Chinden & Linder.
- Whole Foods Market and Walgreens are currently under construction at the corner of Myrtle & Broadway in Downtown Boise.
With Rosauer's complete, 2012 is already off to a better start than 2011. With anchor tenants like grocery stores under construction, small anchored shops space will soon follow, giving new opportunities to tenants in the valley.
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