Power Center Leasing Trends
Feb 16, 2011 10:01 AM
- The vacancy rate at power centers at the end of the fourth quarter of 2010 was 6.9 percent--down from a peak of 7.7 percent in the fourth quarter of 2009.
- Net absorption has been positive for power centers for seven straight quarters. The figure in the third quarter of 2010 was 2.20 million square feet--down from 2.6 million square feet in the third quarter of 2010.
- CoStar only has 34 power centers with a combined 1.68 million square feet in its database as under construction. In contrast, in the third quarter of 2007 the numbers were 516 centers containing 33.92 million square feet.
- The quoted rental rates for power centers fell to $17.79 per square foot in the third quarter of 2010, a drop from $17.89 per square foot. in the previous quarter. The peak quoted rental rates were $20.65 per square foot in the first quarter of 2007.
Source: CoStar Group
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