Commercial Real Estate Direct – Mall Vacancies Increased in 1Q as Sears Closed Stores

Reis in the News

By Commercial Real Estate Direct Staff
Source: Commercial Real Estate Direct – Mall Vacancies Increased in 1Q as Sears Closed Stores

The vacancy rate for regional malls in the United States increased by 30 basis points to 9.3 percent in the first quarter, according to Reis Inc.

The main culprit: Sears and its closure of more than two dozen stores in the 77 markets the New York research company tracks.

The vacancy rate for neighborhood shopping centers, meanwhile, remained unchanged at 10.2 percent during the period. Reis expects that rate to remain the same for the rest of the year.

“Our outlook for the year is very flat,” said Barbara Byrne Denham, senior economist. “There is nothing major coming online or offline this year. It’s a very quiet industry.”

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