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WARREN & ASSOCIATES <br />This section provides retail trends for Cabarrus County, a retail square footage and shopping <br />center inventory for the Planning Area, and a demand analysis forecast. <br />7.1 Cabarrus County Retail Trends <br />Cabarrus County retail trends are based on data for multi- tenant shopping centers over 25,000 <br />square feet. The retail database does not take into consideration freestanding or single- tenant <br />retail. <br />7.1.1 Net Absorption and Vacancy <br />Cabarrus County completions outpaced net absorption in five years between 2004 and 2008, <br />creating an oversupply of 69,961 square feet (Table 19). The peak construction year was 2006, <br />when 651,815 square feet of retail space was delivered. Completions fell dramatically in 2007 <br />with only 94,474 square feet delivered. Net absorption has followed a similar pattern as <br />completions with a peak of 625,961 square feet occurring in 2006. <br />Table 19: Net Completions and <br />Absorption, Cabarrus Countv. 2004 -2008 <br />2004 <br />110,439 <br />215,711 <br />105,272 <br />2005 <br />294,612 <br />200,790 <br />(93,822) <br />2006 <br />651,815 <br />625,961 <br />(25, 854) <br />2007 <br />94,474 <br />166,588 <br />72,114 <br />2008 <br />163,352 <br />35,681 <br />(127,671) <br />Note: Year -end data. <br />Source: The Karnes <br />Report, Warren & Associates <br />As shown in Graph 13, Cabarrus County's oversupply in 2008 caused the vacancy rate to peak at <br />5.2% at year -end. This compared favorably to a 6.9% vacancy rate for the six - county Charlotte <br />market. Vacancy was the lowest in 2007 at 3.6% when net absorption outpaced deliveries. <br />March 2010 APPENDIX D: HALUP MARKET ANALYSIS 27 <br />AUGUST 2010 <br />Attachment number 2 <br />G -1 Page 436 <br />