Vacancy rates at U.S. malls and strip centers eased in the fourth quarter, according to research firm Reis, which tracks the top 77 U.S. markets. The vacancy rate at malls declined to 8.6 percent, off one-tenth of a percentage point from the previous quarter, Reis reports. The mall vacancy rate has now declined for the five consecutive quarters since an industry 12-year high of 9.4 percent in the third quarter of 2011, according to Reis.
At strip centers, meanwhile, vacancies fell back to 10.7 percent in the fourth quarter, from 10.8 percent in the third. The average asking rent at malls increased by 0.2 percent in the fourth quarter, to $39.31 per square foot yearly, up from the previous quarter. This is the sixth straight quarterly increase. At strip centers, the average asking rent rose by 0.2 percent to $19.08 per square foot yearly, the fourth consecutive quarterly increase.
