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Regional Malls Lead Twin Cities Pack

MINNEAPOLIS-After adding theaters and restaurants, Twin Cities regional malls had a vacancy rate of just 2.3% last year, the best in a strong performance in which retail properties show an average vacancy of 5%.

By Jim McCartney | Updated on October 03, 2004

MINNEAPOLIS-Many Twin Cities regional malls have added restaurants and entertainment such as movie theater complexes in recent years to continue their draw for shoppers, and so far, the strategy seems to have worked. As a category, regional malls had the lowest vacancy rate among retail real estate last year, according to new report from United Properties, the Bloomington, MN-based commercial real estate company.

Regional malls reported the lowest vacancy rate at 2.3%. Community centers followed with 3.3%, neighborhood centers came in at 7.3%, and specialty centers saw a sharp increase from 1.6% to 7.5%, largely due to the new 400,000-sf Shoppes at Arbor Lakes lifestyle center in Maple Grove coming onto the market not fully leased.

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