Thursday, May 2, 2019

Rent’s up, availability’s down at retail centers

Chain Store Age
Rents at shopping centers rose by almost 5% in the first quarter of 2019 compared with the same quarter last year, according to CBRE’s Q1 retail report. The average asking rent hit $17.84 per sq. ft., the highest it’s been since 2008.

Higher rents tend to go hand-in-hand with lower availability rates, and that’s the case in Q1. The availability rate fell to 6.2% in the quarter, down 10 basis points from Q4 2018. Open to rent space declined at malls and lifestyle, neighborhood, and strip centers. A 10-basis-point increase to 7% was recorded by CBRE in the power center segment.. . . more