CHICAGO—The median income for open shopping centers across theUS got quite a boost in 2013, according to a new retail study bythe Institute of Real Estate Management. Based onaverage actual occupancy, the median income increased to$17.18-per-square-foot from $16.18 in 2012. At the same time,operating costs for the centers decreased, to $5.07-per-square-footfrom $5.20 in 2012.
The Chicago-based IREM just published these stats in its 2014edition of the Income/Expense Analysis®: ShoppingCenters. Researchers from the institute have beenconducting the annual study since 1991. They analyze the previousyear's operating data for 361 open shopping centers throughout theUS.
The researchers found a wide variety among open centers in thenation's several regions. Median income ranged from $14.28- to$23.43-per-square-foot versus a range of from $14.10- to$22.74-per-square-foot in 2012. The Northeast and Mid-Atlanticregions had the highest income per square foot at $23.43. And theSoutheast had the lowest median operating cost at$3.96-per-square-foot, whereas the Northeast and Mid-Atlanticregions had the highest at $6.71-per-square-foot, respectively.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
