The U.S. shopping-center industry grew slightly last year despite sluggish growth at the start of both 2009 and 2010, according to statistics from research firm CoStar Group Inc.
The total number of shopping centers inched up to 104,919 in 2009 from 104,148 in 2008. Total leasable area per millions of square feet also edged higher.
Unlike industrial and office properties, which are still facing rental declines as leases turn over, many retail landlords already renegotiated and dropped rents for existing tenants, said Norm Miller, vice president of analytics for CoStar.
Michael Niemira, vice president, director of research and chief economist for the International Council of Shopping Centers, said “The prospects for the retail real estate industry appear to be improving and the sector, in time, will likely regain its investment.
Associated Press
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
