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Mall Shopping Center Vacancy Rates 4Q 2008

Mall, Shopping Center Vacancies at 10-Year High - Vacancies at U.S. malls and shopping centers approached a 10-year high in fourth quarter 2008 and are likely to rise further, according to real estate research firm Reis Inc.

Regional mall vacancies rose to 7.1% last quarter from 6.6% in the third quarter. The vacancy rate at neighborhood and community shopping centers rose to 8.9 percent in the fourth quarter from 8.4 percent in the third quarter.

Asking rents at malls fell 0.2% from the third quarter, but rose 0.3% from a year earlier. Asking rents at shopping centers fell 0.3% from the third quarter and were up 0.4% from a year earlier.

Until the economy stabilizes, vacancies are likely to continue to increase, predicted Victor Calanog, director of research for Reis. “So much of consumer spending depends on the wealth effect,” he said.

In 2009, 12,000 retail stores will close, reported Howard Davidowitz, chair of retail consulting and investment-banking firm Davidowitz & Associates Inc.

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