Eau Claire, WI (PRWEB) December 6, 2008 -
In 2008 downtown Eau Claire recorded a significant growth in retail. 6 new businesses opened, bringing the downtown retail vacancy rate to a historical low of 1.8%. This rate is significantly lower than the City's average of 5.93%. The downtown area represents approximately 8% of the Eau Claire market's retail area.
The City of Eau Claire Economic Development Division released the latest property vacancy data today. 27,640 new square feet of retail and office space were added to downtown Eau Claire during 2008.
"A thriving downtown is one of the key components in a city's economic development, " said Mike Schatz, Economic Development Director. "We are thrilled to see this much growth in downtown. It is a testament to the success of our downtown redevelopment efforts." Mr. Schatz also serves as the Executive Director of Downtown Eau Claire, Inc.
A slightly higher vacancy rate of office space (16.4%) was caused by new construction of multi-use buildings where lower level retail space drove quick construction, while upper level office space remains to be filled.
Overall the downtown vacancy rate is 7.2%, up by less then half a percent, compared to 2007 and mostly caused by new office space. Residential vacancy rate remains at zero percent.
More details and a searchable listing of available vacant properties can be found at the City of Eau Claire Economic Development Division website: http://www.EauClaireDevelopment.com
About the Economic Development Division:
As a division of the City of Eau Claire, our mission is to grow local businesses, facilitate expansions, and recruit outside businesses to locate in Eau Claire in order to increase quality of living, add well-paying jobs and grow tax base. Visit us online at http://www.EauClaireDevelopment.com .