Expenses Outpace Income at Shopping Centers

CHICAGO-An Institute of Real Estate Management study reveals operating costs increasing by 6.8% in 2003 while income rose 4.4%. Meanwhile, occupancy at the 500 centers monitored by the annual Income/Expense Analysis®: Shopping Centers study holds at 97%.

By Mark Ruda | August 31, 2004 at 01:07 PM

In both years, occupancy for the 500 centers surveyed checked in at 97%. West Coast centers continued to report the highest income per square foot while the Southeast had the lowest operating costs for open centers last year at $2.20 per sf. Not all is rosy in the Sunbelt, however, as he Southwest had the highest operating costs at $4.88 per sf.

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