The Real Deal Miami

U.S. shopping center vacancies

October 07, 2010 03:45PM

Vacancies at U.S. shopping centers rose in the third quarter, to 10.9 percent from 10.3 percent a year earlier, according to Reis, a New York-based property research firm. Vacancies were unchanged from the second quarter, when they reached the highest level since 1991. The high vacancy rate can be attributed to falling consumer confidence and unemployment, which, at close to 10 percent, stayed near a 26-year high, Bloomberg News reported. The index of consumer confidence fell to 48.5 last month, the lowest level since February, according to the Reis data. “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 a statement. [Bloomberg]