Report: Area retail vacancy rate at 5.9 percent

If Thornton, Colo.-based Ultimate Electronics is to move into the Springfield market and lease a vacant box store such as the former Circuit City – a trend the retailer has practiced in other markets – its choices are limited.  

There are only four retail buildings fitting that description currently available in the Springfield area, according to a second-quarter retail market report released July 30 by Xceligent Inc.

The total retail inventory in the Springfield area comprises 648 properties, or 17.6 million square feet, Xceligent’s Market Trends report said. There is 1 million square feet available, creating a vacancy rate of 5.9 percent.

Xceligent’s report indicates Springfield’s former Circuit City building, 3600 S. Glenstone Ave., is in the mix of 25,000- to 49,999-square-foot buildings on the market.

The others are a building in central Springfield, 134 Park Central Square; and two in southwest Springfield, Sheid’s Plaza, 3322 S. Campbell Ave., and Sunshine Corners, 220 W. Sunshine St.

Davis Properties, owner of the former Circuit City building, has sought a tenant for the property for the past year.

“We’ve been contacted by several retailers, but that’s just the way this business works,” said Patrick Harrington, co-owner of Davis Properties. “I can’t speak to you anything about specifics on the building, except that we’ve got it for lease. I can’t comment on any kind of tenants right now. I got nothing.”

Ultimate Electronics has three stores in Missouri and operates 32 stores. The retailer has taken advantage of the recession by snapping up former Circuit City stores and other vacant big-box spaces across the country, leasing empty Circuit City stores in Burnstown, Minn.; Syracuse, N.Y.; and Albany, N.Y., all in July.

Read more coverage of Ultimate Electronics in the Aug. 9 Springfield Business Journal.[[In-content Ad]]