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Research + Studies

Rents, NOI up at U.S. centers, occupancy steady

August 27, 2018

U.S. shopping centers turned in a robust performance in the second quarter, with occupancy holding at about 93 percent and net operating income and base rents rising by roughly 2 percent from the year-ago quarter, according to ICSC Research, citing data from the National Council of Real Estate Investment Fiduciaries (NCREIF).

This marks the 26th consecutive quarter of year-over-year growth for NOI and rents at retail centers. The full report is available here.

NOI at open-air centers reached $4.19 per square foot in the second quarter — a 2.9 percent gain versus the comparable quarter in 2017

“While these numbers reflect a strong economy, they also show the healthy state of physical retail,” said Jean Lambert, vice president of ICSC Research. “Despite the hype about online shopping, landlords and retailers are successfully attracting and engaging customers.”

Open-air centers (aggregating neighborhood, community and power centers) did particularly well, with NOI there reaching $4.19 per square foot in the second quarter, up by 2.9 percent over the comparable 2017 quarter. Base rents rose to $4.47 per square foot, a 1.5 percent increase over second-quarter 2017.

On the mall side, rents rose by 2.2 percent from the year-ago quarter, and occupancy was at 92.2 percent. NOI, meanwhile, slipped by less than 1 percent, from $8.13 per square foot to $7.91 per square foot.

By Edmund Mander

Director, Editor-In-Chief/SCT

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