Vacancies in shopping centers are still on the rise, but their pace is slowing down, giving hope that the bottom is near. Lease rates, still falling, are also starting to stabilize, according to Reis. It found that for the second quarter, rates fell 0.2% to $38.72 per square foot -- the smallest drop in seven consecutive quarters of decline. "Overall, the news is still bad but not as bad as 2009," says Victor Calanog, director of research at Reis. "We're seeing little glimmers of recovery."

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