The Hartford, Connecticut office market saw nearly 760,000 square feet of space become vacant in 2009 that wasn’t offset by new leasing, representing the second year of a trend and eclipsing the 560,000 square feet recorded in 2008, according to the Hartford Courant. Experts expect the trend to continue for 2010 with forecasts of another 300,000 square feet not being offset by new leasing.
Foot locker announced at the beginning of the year that they will be closing 117 stores across the nation. The chain is not the only victim of a rough economic climate with Macy’s, Pier 1 Imports, Trans World Entertainment Corp (operator of f.y.e), and jewelry retailer Zale Corp, all being slated for mass closings this year as well.
According to The New York Times in their article, “Further Slide Seen in Commercial Real Estate” there are 180 major buildings totaling $12.5 billion in value that are facing foreclosure or bankruptcy in Manhattan alone. Rents for commercial office space in the area fell faster over the past two years than in any such period in the last half century.