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WARREN & ASSOCIATES <br />Graph 14 demonstrates the July 2009 vacancy by shopping center type in Cabarrus County. The <br />average overall vacancy rate for retail centers was 5.7 %. Vacancy was broken down into five <br />different center types: specialty, community, neighborhood, power, and regional. Unanchored <br />specialty centers had the highest vacancy of 21.8 %. Specialty centers are typically the first to <br />experience vacancies when the market weakens. Regional centers, or large enclosed malls, had <br />the second highest vacancy rate at 5.9 %. Community centers, which typically have multiple <br />anchors, had the lowest vacancy at 3.0 %. <br />Graph 14: Vacancy by Shopping Center Type, Cabarrus County, July 2009 <br />25% <br />/ <br />Rate = 5.7% <br />3.0% <br />21.8% <br />20% <br />0 <br />15% <br />io <br />T <br />c <br />10% <br />m <br />m <br />> <br />5.9% <br />5% <br />o°i <br />Specialty Community Neighborhood Power Regional <br />Retail Center Type <br />7.1.2 Rent <br />Average quoted rents for retail space in Cabarrus County increased 18.4% from $14.41 in 2004 <br />to $17.06 in 2008. Rents peaked at $19.54 in 2007 before decreasing in 2008. Reported rents in <br />the greater Charlotte market at year -end 2008 were, on average, $2.20 more than Cabarrus <br />County. <br />March 2010 APPENDIX D: HALUP MARKET ANALYSIS 28 <br />AUGUST 2010 <br />Att <br />achment number 2 <br />G -1 Page 437 <br />Average Vacancy <br />/ <br />Rate = 5.7% <br />3.0% <br />Average quoted rents for retail space in Cabarrus County increased 18.4% from $14.41 in 2004 <br />to $17.06 in 2008. Rents peaked at $19.54 in 2007 before decreasing in 2008. Reported rents in <br />the greater Charlotte market at year -end 2008 were, on average, $2.20 more than Cabarrus <br />County. <br />March 2010 APPENDIX D: HALUP MARKET ANALYSIS 28 <br />AUGUST 2010 <br />Att <br />achment number 2 <br />G -1 Page 437 <br />