Mall vacancies hit seven-year high
The vacancy rate in United States malls hit 8.6% during the second quarter. That’s the highest it’s been since Q3 2011, when 9.4% of mall space went unoccupied.
Necessity-based strip malls, perhaps due to the rapid expansion of this growing retail sector, experienced their worst quarter in nine years, according to Reis, Inc.’s latest quarterly vacancy report. The vacancy rate in these centers hit 10.2%, equating to some 3.8 million sq. ft. of space.
The downtrend also extended to open-air centers. Vacancies increased at those properties in 55 of the 77 MSAs covered by the Reis report.
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Necessity-based strip malls, perhaps due to the rapid expansion of this growing retail sector, experienced their worst quarter in nine years, according to Reis, Inc.’s latest quarterly vacancy report. The vacancy rate in these centers hit 10.2%, equating to some 3.8 million sq. ft. of space.
The downtrend also extended to open-air centers. Vacancies increased at those properties in 55 of the 77 MSAs covered by the Reis report.
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