The US outdoor shopping center market recorded its largestreturn of space since 2009 during the second quarter of 2020, with12.2 million square feet reabsorbed so far this year according to anew report from Cushman & Wakefield.

The report said despite the -7.7 million square feet absorptionduring Q2, "the impact on vacancy and rents has thus far beenmoderate." It noted that overall vacancy rates went up by 20 basispoints over the last quarter to hit 6.8 percent, and the overallasking rent for all space classes is at $17.58 per square foot,holding steady from the previous quarter.

The report found that the pandemic is impacting different kindsof properties and commercial retail spaces differently: Powercenters—which typically feature big-box stores—as well as stripmalls and neighborhood and community centers were the most stableshopping center types. Their vacancies centered around Class B andC spaces, and the report said the higher rents for Class Avacancies "is likely lifting overall asking rents."