The city of Charlottesville has completed its latest analysis of commercial property and has found a vacancy rate of 5.23 percent. That’s up slightly from July when the last report from the Charlottesville Office of Economic Development was compiled.
“The retail property in the City of Charlottesville is showing slight signs of rebounding from the negative impacts felt since the beginning of the COVID-19 pandemic, “ reads the report.
Barracks Road Shopping Center has a vacancy rate of 9.3 percent and the Downtown Mall has increased to 3.7 percent since July. The Corner is at 3.28 percent, Seminole Square is at 12.96 percent. Both Preston Plaza and McIntire Place are both full.
The peak vacancy of 9 percent on the Downtown Mall was recorded in July 2009 and January 2010 at the height of the last recession. Notable vacancies include the spaces that formerly housed Bashir’s Taverna and Fellini’s.
Since the last study last summer, new stores on the way include a new location for Bebedero in the former Downtown Grille space. A restaurant called Botanical Fare will occupy the former Java Java space. Read the report for more details.
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