Reis Q2 2011 Shopping Center Trends
Jul 18, 2011 10:32 PM
- About 638,000 square feet of new neighborhood and community center space came online during the second quarter—up from 83,000 square feet in the first quarter. The last two quarters have been the periods with the lowest levels of new deliveries for any quarters since Reis began publishing quarterly data in 1999.
- The vacancy rate was at 11.0 percent—rising 10 basis points from the figure the sector had maintained for the four previous quarters.
- Asking rents fell by six cents and effective rents fell by one cent from their first quarter levels.
- The vacancy rate for neighborhood and community centers remained flat or increased in 40 of the primary 80 metropolitan areas; effective rents remained flat or declined in 46 out of 80 markets.
Source: Reis Inc.
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