by Bill McBride on 1/06/2010 12:04:00 AM
Wednesday, January 06, 2010
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From Reuters: US shopping center vacancies hit records - report
Strip malls ... had a vacancy rate of 10.6 percent in the fourth quarter, surpassing the high set in 1991, Reis economist Ryan Severino said in a report released on Wednesday.This is up from 10.3% in Q3 2009 and 8.9% in Q4 2008.
The vacancy rate at large regional malls rose to 8.8 percent from 8.6 percent the third quarter.The 8.8% is the highest since Reis began tracking regional malls in 2000.
"Our outlook for retail properties as a whole is bleak," Severino said in a statement. "... we do not foresee a recovery in the retail sector until late 2012 at the earliest.""Late 2012 at the earliest" ... ouch!
Posted by Bill McBride on 1/06/2010 12:04:00 AM