Reis in the News
By Sanjana Shivdas
Source: Reuters – U.S. retail vacancies rise marginally in fourth quarter: Reis
U.S. retail vacancies inched higher in the fourth quarter, underscoring how the retail sector has withstood many store closures across the country, real estate research firm Reis Inc said in a report.
The retail vacancy rate rose to 10.2 percent from 10.0 percent a year earlier, the report said.
Many feared that vacancy rates would soar and rents would plummet, given the store closure announcements by Sears Holdings Corp, Kmart and JC Penney Co Inc (JCP.N) at the end of 2017, Reis said.
“This did not occur as the doomsday prognostications proved to be overblown,” the report said.
A number of stores are still expected to close in the coming months and the industry continues to face a number of headwinds, including gains in online shopping, according to Reis.
“If the retail sector was able to sustain the store closures over the last year, it can survive anything,” the research firm said.