U.S. shopping-center occupancies rose to the highest level in almost four years as limited construction increased competition for retail space.
The vacancy rate at neighborhood and community shopping centers fell to 10.5 percent in the second quarter from 10.8 percent a year earlier, Reis Inc. (REIS:US) said in a report today. Effective rents, or what’s paid after any landlord discounts, rose to $16.68 a square foot from $16.54 a year earlier. Rents and occupancies were last higher in 2009, according to the New York-based property-research firm.
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