Mall and strip center vacancies essentially have stabilized – but so have rents, according to Reis' second quarter report, Reuters says.
Nationally, the vacancy rate for strip centers was 10.3 percent, down from 10.4 percent in the second quarter of 2013. Mall vacancy was unchanged at 7.9 percent.
Asking and effective rents rose 0.5 percent for strip centers and 0.4 percent for malls in the second quarter – but growth is still slower than before the recession.
"At 10.3 percent, the national vacancy rate remains far too elevated to be conducive to faster rent growth, which continues to lag inflation," Ryan Severino, senior economist and associate director of research at Reis, said in a statement.
The numbers are certainly better than during the depth of the recession, and given that new construction is well below 2007 levels, those numbers could pick up. But slow growth is certainly better than none at all.
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