The pandemic is hitting multi-tenant retail properties incredibly hard.

In the third quarter, vacancy at multi-tenant properties increased 40 basis points to 6.4%, according to a Marcus & Millichap special report.

Not surprisingly, malls and neighborhood centers pulled down the performance of multi-tenant properties—both experienced increases of more than 100 basis points since the beginning of the year. Neighborhood centers with grocery anchors performed better than those without one. Still, some smaller retailers in those centers have been forced to close during the pandemic.

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to and Real Estate Forum.