Thursday, September 24, 2009

Vacant but Not Available

I participated in a CoStar Advisory Board meeting for the Baltimore commercial real estate market yesterday. CoStar is the preeminent database for commercial properties. They conduct these quarterly meetings to get feedback from their users like me. It works both ways. I often pick up something from these meetings I didn’t know before.

Yesterday I found out what the story was with the vacant space between Costco and Staples at the Gateway Overlook shopping center in Columbia. This prime retail space has been empty since the shopping center opened three years ago yet there is no indication that it is available for lease.
It turns out that it is leased. In fact, it has been leased since the center was completed by REI. They’ve just never occupied. It doesn’t look like they are planning to do so any time soon.


Anonymous said...

I was wondering what the deal was with that store. I was just in the REI in Marlton Nj yesterday, and wish they would open here!

HowChow said...

Wow. An REI would be terrific. That's really interesting.

Pat Hiban said...

I hate driving to College Park for my REI gear.
I would love an REI in Columbia.
Why are they thinking renting and not opening.
I guess paying for the vacant shell is less a loss than paying for a finished shell with employees and gear.

Anonymous said...

Hey guys, as an employee at the College Park REI I'm pretty sure this is bupkus. There were lots of rumors swirling around this space when it first opened, but we do not have a lease. You may be thinking of HTO; that was the last rumor I heard.

Sillil said...

The location is between Costco and Office Depot. There is no Staples in that shopping Center.

wordbones said...

This post has been update with new information here.