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A woman leans against a column with the help of her smartphone in front of the Victoria's Secret of the King of Prussia Mall, the largest shopping mall in the United States, at King of Prussia, Pennsylvania , United States, December 8, 2018. REUTERS / Mark Makela
(Reuters) – The vacancy rate at convenience stores and US shopping centers remained unchanged in the first quarter, real estate research firm Reis Inc. announced on Monday.
The national vacancy rate was 10.2%, unchanged from the fourth quarter, but slightly up on the previous year.
Vacancy rates in 28 of 77 metros increased in the first quarter.
"As the retail sector continues to restructure, a number of retail real estate markets are facing an increase in job offers and falling rents. This trend is expected to continue as more stores close this year, "said Reis.
Average asking rent and average effective rent, excluding homeowner's concessions, increased 0.4% from the previous quarter, said Reis.
The regional shopping center vacancy rate edged up 0.3% to 9.3% following the closure of more than two dozen Sears stores. However, the average rent was stable in the first quarter.
For neighborhood shopping centers and shopping centers, net absorption, measured in terms of available space sold in the market, decreased by approximately 7.4% to 949,000 square feet in the first quarter of the previous year. In addition, new construction plunged from about 53.9% to 832,000 square feet during the same period.
Report by Shravanth Vijayakumar in Bengaluru; Edited by James Emmanuel
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