Average lease rates at malls were $38.79 per square foot, down 3% year over year, bringing them their sixth consecutive quarterly decline. Meanwhile, strip centers were at $16.62, down 3.4% from the same year-ago period, marking a decline of seven quarters in a row.
Malls also faced a slight increase in vacancy rates during the quarter, up one-tenth of a percent, hitting a total rate of 8.9%. Vacancy at strip centers reached 10.8%, up 1.3% from a year earlier.
Despite the bad news, the article says that expansion by retailers such as electronics chain Hhgregg, Dollar General and Forever 21 is offsetting some of the pain. Click here to read the full Journal article.
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