Store Vacancies Drop Slightly

Shopping center vacancies declined slightly in the second quarter of 2014 according to a report in The Wall Street Journal, leading retailers to jockey for real estate at existing higher-quality centers. Vacancies at strip centers dipped slightly to 10.3 percent, while mall vacancies held steady at a relatively low 7.9 percent, down from a high of 9.4 percent in 2011. The WSJ reports that the trend has helped landlords to raise rents at malls for the thirteenth consecutive quarter and at strip centers for the eleventh consecutive quarter. Average mall rents rose 0.4 percent in the second quarter to $40.32 per square foot; strip center rents rose 0.5 percent to $19.51.