New supply and a demolition netted 7,000 square feet of new retail supply this quarter.  Retail buildings are being constructed in the theatre section of Dartmouth Crossing and should be open by Summer 2008.

The vacancy rate for the first quarter of 2008 are:

Bayers Lake Power Centre: 1.8%                                                                                                      Regional Malls: 1.1%                                                                                                                           Community Malls: 16.8%                                                                                                                     Neighbourhood Mall: 12.8%                                                                                                               Convenience Plazas: 7.5%                                                                                                                 Storefront: 6.2%                                                                                                                                     Dartmouth Crossing: 1.1%                                                                                                                 Bedford Commons: 11.1%                                                                                                                 Overall Vacancy Rate: 7.7%

Outlook for the rest of 2008

The vacancy rate will remain in flux as new supply comes to market in Dartmouth Crossing and City of Lakes, along with new tenancy in Bedford Commons. RONA is opening a 110,000 square foot store in early April in Bayers Lake and the former Canadian Tire store at Tacoma Drive has been leased with the new tenant opening in the fall.

Source: Colliers International, The Knowledge Report, First Quarter, 2008
              

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