Traffic Patterns
Oct 1, 2007 12:00 PM
Operating costs
The Institute of Real Estate Management published its 2006 Income/Expense Analysis of shopping centers. Here are some of its findings. The study breaks the U.S. into 10 regions. Regions 1, 2 and 3 include the Mid-Atlantic and Northeast. Region 4 is the Southeast. Region 5 includes northern Midwest states Ohio, Illinois, Indiana, Michigan, Wisconsin and Minnesota. Region 6 includes Texas, Louisiana, Arkansas, Oklahoma and New Mexico. Regions 7, 8 and 10 include the rest of the Midwest, the Pacific Northwest and Alaska. And Region 9 includes California, Arizona and Nevada.
| Region | Gross Leasable Area | Average Actual Occupancy |
|---|---|---|
| 1, 2, 3 | $14.67 | $15.25 |
| 4 | 12.08 | 12.9 |
| 5 | 11.69 | 13.14 |
| 6 | 12.62 | 14.58 |
| 7, 8, 10 | 11.37 | 11.9 |
| 9 | 17.73 | 18.99 |
| TOTAL | 12.62 | 13.96 |
| Region | Gross Leasable Area | Average Actual Occupancy |
|---|---|---|
| 1, 2, 3 | $2.92 | $2.92 |
| 4 | 2.56 | 2.83 |
| 5 | 3.73 | 4.86 |
| 6 | 4.35 | 5.08 |
| 7, 8, 10 | 3.38 | 3.49 |
| 9 | 4.85 | 4.96 |
| TOTAL | 3.73 | 4.27 |
| Region | Gross Leasable Area | Average Actual Occupancy |
|---|---|---|
| 1, 2, 3 | $0.50 | $0.50 |
| 4 | 0.43 | 0.45 |
| 5 | 0.52 | 0.62 |
| 6 | 0.53 | 0.58 |
| 7, 8, 10 | 0.43 | 0.47 |
| 9 | 0.84 | 0.86 |
| TOTAL | 0.5 | 0.53 |
| Maintenance & Repairs | 9.60% |
| Services | 11.7 |
| Utilities | 8.2 |
| Insurance/Taxes | 43.8 |
Source: IREM, in a survey of 288 centers averaging 85,028 square feet apiece.
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