US retail mall vacancies soar during the second quarter
American retail mall vacancies edged up during the second quarter from the first. That took place amid a surging disparity between high-end as well as traditional malls related to rent and also vacancy rates, as a real estate research company Reis states.
Asking as well as effective rents growth for shopping centers slumped compared to the previous quarter, as follows from Reis’ report released on Wednesday.
Retail mall vacancies edged up from 7.8% to 7.9%. That’s their first quarterly surge since the fourth quarter of 2014, as the company states.
High-end malls keep getting extremely high rents and relatively low vacancy rates, while traditional malls are still struggling with high vacancy as well as low rent growth.
Asking rent for shopping centers soared by approximately 0.4%, while effective rents grew by 0.5% during the second quarter. As for asking rent, it went up 0.5% during the first quarter, while effective rents managed to gain 0.6%.