Defpoints


Strips Malls empty out
July 9, 2008, 4:59 pm
Filed under: Economy, Landscape, North America, Urban Design

From Reuters:

Strip malls, which are usually anchored by grocery or drug stores, saw average vacancies spike 0.5 percentage points to 8.2 percent, a level unseen since 1995, according to the report released on Monday.

Vacancies at regional malls rose 0.4 percentage points to 6.3 percent, the highest level since the first quarter of 2002, according to the preliminary results. . . .

For the first time since 1980, more space became available to rent at strip malls than was rented out — about 3.2 million square feet more. Part of the available space came in the form of 5.7 million square feet of new development that came on the market during the quarter.

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