Study: Retail mall vacancies rise in Q4

New York – Retail mall vacancies slightly rose in the fourth quarter of 2014, from 7.9% in the prior quarter to 8%. According to real estate research firm Reis Inc., the closure of 200-plus Sears stores during the year drove the increase, the first recorded since the third quarter of 2011.



In addition, asking and effective rents for mall stores both increased 0.5%. The national vacancy rate for neighborhood and community shopping centers slightly dropped to 10.2% from 10.3%. Construction activity for new shopping center space completed during the fourth quarter rose 38% to a still-low 1.75 million square feet from 1.27 million sq. ft.