Retail landlords tell us things are getting better where leasing is concerned, with rent concession requests drying up and more tenants approaching the subject of expansion. But new numbers from Reis Inc., a New York-based research firm, show it's still tough out there for a shopping center owner. In the second quarter of 2010, the national vacancy rate for shopping centers climbed once again, to 10.9 percent. That's because while some chains have been thinking about taking advantage of lower rents to open new stores, others have been giving back their existing spaces. The amount of shopping center space tenants gave back in the second quarter came to a whopping 1.85 million square feet, Reis reports.
To read more about this and other stories about retail and retail real estate, follow the links below:
- Shopping Center Vacancy Rates Rose in Second Quarter (CNBC)
- Retail Stores Closing Doors (WalletPop)
- Life's a Beach for Bloomingdale's New Smaller Store Concept in Santa Monica (BNET)
- BTS Revival (Supermarket News)