Strip-mall vacancies surged in second quarter

07/7/2008 | Reuters

Strip-mall operators had their worst quarter in 30 years in the three months ended June 30, according to a report by real estate research firm Reis. Average vacancies rose half a percentage point to 8.2% as budget-conscious consumers flocked to low-cost warehouse-style grocery centers. "They definitely came up weaker than our expectations and we've been pretty bearish on our outlook for retail for some time," Reis Chief Economist Sam Chandan said.

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