by Calculated Risk on 4/08/2009 12:32:00 AM
Wednesday, April 08, 2009
Mall Vacancy Rate Increases Sharply in Q1
From Bloomberg: Vacancies at U.S. Retail Centers Hit 10-Year High, Reis Says
Retail vacancies at shopping centers were the highest since Reis began publishing quarterly data in 1999 and reflected a net decrease in occupied space of 8.7 million square feet, the biggest drop for a single quarter and more than the 8.65 million square feet given back during all of 2008.Click on image for larger graph in new window.
Rents paid by tenants fell 1.8 percent from the previous quarter and 2.9 percent from a year ago ...
The vacancy rate at neighborhood and community shopping centers rose to 9.5 percent from 8.9 percent the previous quarter and 7.7 percent a year ago ...
Vacancies at regional malls and super-regional malls ... climbed to 7.9 percent from 7.1 percent in the fourth quarter and 5.9 percent a year earlier ...
This graph shows the strip mall vacancy rate since Q2 2007.
Double digits, here we come ...
More from Reuters: Vacancies soar at US strip and regional malls-Reis
Barring a significant economic change, Reis does not expect vacancies to stabilize until sometime in the middle of 2012 if an overall U.S. economic recovery appears next year.