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Retail Lease Rates Continue Decline

NEW YORK CITY-Lease rates are declining at shopping centers and malls, while vacancy rates rise despite a retailer turnaround, the Journal reports.

By Ian Ritter | Updated on April 07, 2010

NEW YORK CITY-Retailers might be turning in better sales now and better controlling their bottom lines, but shopping center owners are still feeling the pinch of the recession. Landlords in the first quarter continued to lower lease rates, according to a Reis report cited by the Wall Street Journal .

Average lease rates at malls were $38.79 per square foot, down 3% year over year, bringing them their sixth consecutive quarterly decline. Meanwhile, strip centers were at $16.62, down 3.4% from the same year-ago period, marking a decline of seven quarters in a row.

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