Shopping Center Vacancies Climb in Third Quarter

New York, NY, Oct. 7, 2010--Vacancies at neighborhood shopping centers rose in the third quarter, according to Reis Inc.

The vacancy rate at shopping centers climbed to 10.9% from 10.3% a year earlier, the New York-based property research firm said today in a press release.

Vacancies were unchanged from the second quarter, when they reached the highest level since 1991. The record of 11.1% was set in 1990, according to Reis data going back 30 years.

"Even if we see a resumption in consumer confidence and a rise in retail spending, retail properties typically lag recoveries by anywhere from 12 to 18 months," Victor Calanog, director of research at Reis, said in the release.

At regional and superregional malls, vacancies rose to 8.8% from 8.6% a year earlier, Reis said. They fell from 9% in the second quarter.