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For those retailers considering a dive into a new market, try Las Vegas, San Diego, or Austin, Texas -- as they have been ranked 2007's top three places with the most potential for retail businesses by IRR-Viewpoint, a study conducted through Integra Realty Resources.
The study, based on a national survey, evaluates four property sectors in real estate -- office, retail industrial and multifamily commercial real estate. To determine the cities with the greatest potential, the study followed positive growth patterns, strong current conditions and a balance of absorption between vacancy and planned projects.
The top 10 places with the greatest potential for retail businesses are:
-- Las Vegas
-- San Diego
-- Austin, Texas
-- Orlando, Fla.
-- Los Angeles
-- Tampa, Fla.
The Tampa market is strong due to suburban residential growth demanding retail expansion. Redevelopment in infill retail was been well received in the area as well. In Orlando, retailers can expect growth in the short and the long term, driven by job growth, population and tourism. Towards Miami, urban redevelopment of apartments and condominiums upped demand for retail development, according to IRR.