Real estate agents in the Portland area are trying to match businesses with empty retail space. The gaps left by bankrupt companies such as Joe's may take several years to fill.
Filling large amounts of retail space isn’t easy these days, local brokers say. Quick lease turnarounds for retail space are not expected throughout all of Portland. In the metro region, Heerman’s company estimates there are approximately 1.4 million square feet of available retail space, which brokers don’t expect to lease fully for another two to five years.
Many of those vacancies are because of bankruptcies by companies such as Circuit City, Shoe Pavilion and Levitz Furniture – all three closed their doors during the past 18 months.
Read the full article in the Daily Journal of Commerce.