by Calculated Risk on 1/06/2010 12:04:00 AM

Click on graph for larger image in new window.

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!