Good news from Reis, Inc., a research company that tracks shopping centers.
- In the three months ending June 30, occupied space rose by a net 2.06 million square feet, the third largest addition since the first quarter of 2008.
- Shopping center vacancies dropped for a second consecutive quarter. Vacancies are now at 10.8%, down from 10.9% in the previous quarter.
- Effective rents averaged $16.55 per square foot, up from $16.49 a year ago.
- The Bloomberg shopping center REIT index has risen 20% so far in this calendar year, making it the second best performing group of real estate investment trusts, trailing only the Bloomberg mall REIT index, which gained 22%.