Regional Retail Real Estate Vacancy Rate Rises To 13 Year High
After the housing slowdown in 2006 construction focused on the retail and commercial side of the equation. But now large shopping centers and malls are facing their own glut of space. The growth in asking rents for these properties is up only 0.8 percent in the second quarter over the previous year.
I would be watching these numbers closely as commercial real estate and development has kept a great deal of people going when the housing market slowed down.
The average vacancy rate at neighborhood and community malls rose to 8.2 percent, up from 7.3 percent a year earlier and the highest level since 1995, the New York-based real-estate researcher said. At regional and super-regional malls, vacancies increased to 6.3 percent, up from 5.6 percent a year earlier and the highest since the first quarter of 2002, Reis said.
Retail sales and demand for shopping-center space are being hurt by rising unemployment, increasing food and gasoline costs, and declining home values. U.S. employers cut jobs in June for a sixth straight month, and the jobless rate remained at 5.5 percent after jumping in May by the most in two decades, the Labor Department said last week. via Bloomberg.com: U.S.
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Comment by commercial real estate st george on 8 July 2008:
It has been something to see in certain parts of the country. St. George has slowed down a little as well.