The overall vacancy rate climbed modestly to 8.82% from 8.64%, by far the smallest vacancy increase of any product type. Retailers gobbled up new space on the market.
"New supply of more than 4.8 million sf was the driving fore behind the large absorption number, as more than 90% of it was occupied at year end," according to the Ross report.
Strip center and super-regional malls absorbed 2.3 million sf and 1.1 million, sf, respectively. Indeed, those two product types accounted for the lion's share of the 4.8 million sf added to the market, Ross says.
Sales also held its own, slightly below the pace in 2001. There were 20 investment sales of $2 million or more, compared with 24 in 2001, the company reports.
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