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WARREN & ASSOCIATES <br />7.3 Planning Area Shopping Center Inventory <br />As shown in Table 21 and on Map 6, there are three shopping centers in the Planning Area larger <br />than 50,000 square feet of gross leasable area (GLA). These neighborhood shopping centers <br />contain a total of 215,000 square feet, ranging from 85,000 square feet at School House <br />Commons to 50,000 square feet at Harrisburg Market. These centers, constructed between 1988 <br />and 2004, represent 30.8% of the total retail square footage in the Planning Area. <br />The overall vacancy rate in the shopping centers is 6.2 %, slightly higher than 5.7% for Cabarrus <br />County. Vacancy rates range from 0.0% at Harrisburg Market to 15.5% at Brookdale. The three <br />most prevalent supermarket chains in the Charlotte region anchor these centers. Quoted rents for <br />School House Commons and Brookdale are comparable to the mid -2009 average retail rent of <br />$17.00 in Cabarrus County. <br />7.4 Retail Forecast <br />Retail demand was forecasted for the Planning Area using the following method: <br />1. Calculating the Planning Area's total household income in 2015 and 2020 by applying <br />the forecasted households to income forecasts derived from ESRI trends. <br />2. Estimating the Planning Area's expenditure potential based on data from the North <br />Carolina Department of Revenue that indicates the percentage of income spent on various <br />retail goods and services. <br />March 2010 APPENDIX D: HALUP MARKET ANALYSIS 30 <br />AUGUST 2010 <br />Attachment number 2 <br />G -1 Page 439 <br />2 Brookdale Brookdale Drive 2004 80,000 12,400 15.5% Harris Teeter <br />3 Harrisburg Market Highway 49 North 1988 50,000 0 0.0% Bloom <br />Source: Warren & Associates <br />