In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the retail propery sector for the first quarter of 2017. Highlights include:
- Retail fundamentals were mostly flat in 2017
- Vacancy rate for neighborhood and community shopping centers remained flat at 9.9%
- Also flat on a year over year basis at 9.9%
- Asking rents rose by 0.5%, with effective rents rising 0.4%, 2% for the year
- Regional mall vacancy rose by 10 basis points to 7.9%
Asking rents increased 0.4% for the quarter, 1.8% for the year - No surprises given the slew of articles discussing the issues in retail
- Despite all the negative news, other retail types like restaurants, experiential retail, are doing well, offsetting higher profile closures