Gary Myers Co. adds five centers - Atlanta Business Chronicle:

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million square feet. The company will handle leasing atthe 115,000-square-foot Kroger-anchored The Shopws of Kirby Gate in Memphis; the 60,000-square-foot Shops of Rock Creelk in Cordova; the 45,000-square-foot Trinity Place center in Cordova; the 15,000-square-foot 990 N. Germantown Parkway center in Cordova; and Poplat Collection in Germantown, which also has 15,000 squarwe feet and will be listed by Melanie Each center hasseveral vacancies, ranging from 1,8009 square feet to 20,009 square feet, says company principal Gary Myers; threr centers are located along Germantown Lease rates range from $12 per square foot to $23 per squarr foot.
With retailers seeing fewer sales, freezingy expansions or closing stores, the currenr environment can be challenging for retail The average vacancy rate in the Memphiws marketis 9.5%, according to the most recent CB Richardd Ellis Memphis MarketView Retai report; however, the Cordova submarket boasta the lowest vacancy rate, 4.3%, the report states. Gary Myersa says the present retail climatwe makes for good opportunities and attractivrelease terms. “Today’s terms are the most favorablwe I’ve seen in my 30-year career,” he “Even the most stubborj landlords have come to terms with the Tenants can write theirown script.
” Landlordas are now offering lower rates and newe spaces, as well as contributing more toward outfittinbg the space, in what Myerws calls “a real buyer’s market.” tenants can lock in lower rates for multi-year he says. Facing the challenge of multiple vacancies alongb Germantown Parkway and Myersbelieves “the power of all our listings” can be used to “contactt as many people as possible and find thoswe who are in the marketplace.” Walter Wills, co-owner of The Shop of Kirby Gate, agrees. “Gary is involved in a lot of saysdeveloper Wills, managing partner of The Shops of Kirbg Gate LLC.
“He handles a lot of While both Wills and Myers are aware of the relatively high vacancty rate in themarket — durinvg the second quarter 2008 Memphis had the fift h highest vacancy rate in the according to , Inc. Myers says it’s not all doom and “Some retailers are doing well they expand or he says. “It’s not universally bad.” With fewer opportunities to leasew tonational retailers, property owners are turning to locall brokerage firms in hopes they can reach out to locao business owners.
Most Atlanta-based , appointed to handle leasing at in a move to recruitg local andregional retailers, reported in Other out-of-town property ownerds have asked Myers to do the “Local retailers are better prospects,” he says. “Nationa l retailers have shut downexpansiojn totally.” Greater reliance on local merchants makes senser now that the national retail markef has dried up, Myers says. “Local retailers are strongerr inmost circumstances.
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