Too Much of Everything: Strip Mall Space

CalculatedRisk – Reis: Strip Mall Vacancy Rate Hits 10%, Highest Since 1992:

“Right now it looks like all signs are pointing to rents and vacancies, big components of income, getting shot down,” [Victor Calanog, director of research for Reis] Inc said. “Until we see stabilization and recovery take root in both consumer spending and business spending and hiring, we do not foresee a recovery in the retail sector until late 2012 at the earliest.”

I see vacancies in strip malls everywhere. In recent construction some spaces aren’t vacant because the last tenant moved out; they’re vacant because the first tenant has never moved in.

Previously – Too Much of Everything: Bank Branches