Gross minimum rents, actual minimum rents, occupancy rates and total annual income all declined at U.S. shopping centers between 2016 and 2017, according to the Institute of Real Estate Management.
The trade group recently studied the shopping center market from a national level based on gross leasable area and found that gross minimum rents fell, from $15.22 per square foot in 2016 to $14.57 per square foot in 2017.
Actual minimum rents dropped, from $13.46 per square foot in 2016 to $12.46 per square foot in 2017. Total annual median income per square foot similarly fell, from $17.26 in 2016 to $16.01 in 2017. Occupancy levels dropped over the period too, by a percentage point, from 95 percent to 94 percent.
By Brannon Boswell