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

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million square feet. The companu will handle leasing atthe 115,000-square-foo t Kroger-anchored The Shops of Kirby Gate in Memphis; the 60,000-square-foor Shops of Rock Creek in Cordova; the 45,000-square-foogt Trinity Place center in Cordova; the 15,000-square-foot 990 N. Germantownh Parkway center in Cordova; and Poplaer Collection in Germantown, whicb also has 15,000 square feet and will be listes byMelanie Myers. Each center has several rangingfrom 1,800 square feet to 20,000 square feet, says company principal Gary Myers; three center s are located along Germantown Parkway. Lease rates rang e from $12 per square foot to $23 per squarer foot.
With retailers seeing fewer freezing expansions orclosing stores, the current environmenft can be challenging for retaip brokers. The average vacancy rate in the Memphis markefis 9.5%, according to the most recent CB Richard Ellis Memphis MarketVieqw Retail report; however, the Cordova submarket boasts the lowest vacanct rate, 4.3%, the report states. Gary Myers says the presentt retail climate makes for good opportunities and attractiveslease terms. “Today’s terms are the most favorablre I’ve seen in my 30-yeard career,” he says. “Evejn the most stubborn landlords have come to terms with the Tenants can write theirown script.
” Landlords are now offering lowere rates and newer spaces, as well as contributing more toward outfitting the space, in what Myersx calls “a real buyer’s Plus, tenants can lock in lower rates for multi-year he says. Facing the challenge of multiple vacanciesw along Germantown Parkwayand elsewhere, Myers believes “ther power of all our listings” can be used to “contact as many people as possible and find thoser who are in the marketplace.” Walter co-owner of The Shops of Kirby Gate, agrees. “Gary is involved in a lot of saysdeveloper Wills, managinyg partner of The Shope of Kirby Gate LLC. “Hr handles a lot of retail.
” While both Willsd and Myers are awarwe of the relatively high vacancy rate in themarkeft — during the second quarter 2008 Memphisw had the fifth highest vacancy rate in the country, accordiny to , Inc. — Myers says it’s not all doom and gloom. “Some retailers are doing well they expandor relocate,” he says. “It’s not universall bad.” With fewer opportunities to lease tonationall retailers, property owners are turning to locap brokerage firms in hopes they can reacyh out to local business owners. Most Atlanta-based , appointed to handle leasing at in a move to recruig local andregional retailers, reported in September.
Other out-of-towhn property owners have asked Myers to dothe same. “Local retailers are better he says. “National retailers have shut downexpansionn totally.” Greater reliance on local merchantsa makes sense now that the national retail market has driedc up, Myers says. “Local retailers are strongert inmost circumstances.”