Regional shopping malls and centers across United States faced the highest vacancy rate in the first quarter of 2011 — for the last decade. Shopping malls around the country are said to be suffering from recession, the enormous building boom, and to the changing consumer habits, according to Reis Inc, a commercial real estate firm that provides impartial commercial real estate performance information.
Vacancy rate for regional shopping malls in the country from 8.9 percent a year earlier to 9.1 percent for the first quarter of 2011 — within 80 of the top markets in the U.S, stated the research firm.
The reports were released Thursday, and was said to be the highest vacancy rate recorded for shopping malls since the firm began tracking the commercial real estate market in 1999.
According to the report, strip mall or mini shopping malls’ vacancy rate is expected to top an all time high — 11.1 percent on the last quarter this year, up from 10.9 percent.
Victor Calanog, Reis’s vice president of Research and Economics said retailers often choose to shut their stores couple of months after a period of waning sales, and smaller retailers within shopping malls might move-out — following an exit of anchor tenants, especially because of the impact of online shopping.
Landlords of shopping centers and malls are fighting the effects of online shopping by adding retailers often not found online like restaurants, entertainment venues, and etc.
Calanog also said that consumers are now coming back and is helping country’s economic recovery but it is still weak to help increase the retail industry and shopping malls’ vacancy rate.