Commercial real estate and unemployment rates are better in Charlottesville and Albemarle County than other regions, according to the Daily Press.

Vacant retail space in Charlottesville is not at an alarming rate as it is in Richmond, which is partly due to the strength of large local employers such as UVA and the National Ground Intelligence Center and State Farm.

This is good for local homeowners because this strength will help protect home values. Also, because the local economy is not struggling as much as other localities.

"The blood-red tower stands at the edge of the shopping center, its sliding-door maw locked up tight and the glue from its signage still spelling the name of its former tenant: Circuit City.

Nearly a year after the electronics retailer declared bankruptcy, sold off its inventory and shuttered stores across the country, its Albemarle Square space remains empty.

That vacancy is not the norm in a local retail market that experts say remains strong because of the economic strength of local employers such as the University of Virginia, the National Ground Intelligence Center and State Farm Insurance. The vacancy is not, however, worrying the center’s landlord, Dumbarton Properties, of Richmond.

'We’re in a pretty good position. We have some activity on the Circuit City space and only two or three other spaces that are vacant,' said Beverly Webb, of Dumbarton Properties. 'We’re looking forward to having a new tenant in there, but we want to have the right tenant. We try to find tenants who are compatible and are not going to cannibalize our existing merchants. A lot of them are mom-and-pop shops and it’s important to take care of them as best as you can.'

Charlottesville and Albemarle County have fared better during the worst recession since the Great Depression than most areas of the state and country.

The national unemployment rate in October reached 10.2 percent for the first time since 1983, while the local rate hovered around 5.5 percent."

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