"Looking at the existing spaces available, the problem isn't the 'A' locations which are being spoken for by retailers with aggressive expansion campaigns, but rather the less desirable locations which are leasing much slower, often to independents and in some cases being converted to alternative uses," Caruso says in a statement.
The biggest jump in vacancy was seen in free-standing centers. Although the vacancy rate is a relatively healthy 6.9%, it is 4.2 percentage points higher than the beginning of the fourth quarter and more than triple than it was a year ago. However, that space represents just 7.3 million sf in the CB Richard Ellis survey of 102 million sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.