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The vacancy rate for neighborhood and community shopping centers remained unchanged in the first quarter, according to real estate research firm Reis.
The national rate was 10.2 percent, the same as it was in the fourth quarter, and up slightly from a year ago, according to Reuters, which cited the Reis report.
Regional mall vacancy edged up slightly, by 0.3 percent, to 9.3 percent, attributable largely to the shuttering of about two dozen Sears stores. Average mall rents remained flat during the quarter.
Both the national average asking rent and the effective rent rose by 0.4 percent (excluding landlord concessions) at neighborhood and community centers.
There was a total of 832,000 square feet in new construction of neighborhood and community centers in the first quarter, a 53.9 percent decline from a year ago, Reis reported. Net absorption — the amount of available space sold in the market — fell by about 7.4 percent, to 949,000 square feet, meanwhile.
By Edmund Mander
Director, Editor-In-Chief/SCT
