Malls in the top 80 US markets posted an average vacancy rate of 9.2% in the quarter, down from the 11-year high of 9.4% in the third quarter, according to data provider Reis, Inc. which began tracking mall data in 2000. Mall vacancies had been climbing steadily for most of the downturn since 2007, when the vacancy rate fell as low as 5.5%. Demand for space at neighborhood and community shopping centers also strengthened in the quarter, with stores occupying an additional 3.1 million square feet in the top 80 markets.
We still have empty strip malls as in never occupied around here.
Built during the boom and sitting.
Some renovation activity in old buildings that I suspect were acquired cheap.
If it’s getting better it sure is slow.
Granite Run Mall here is on the verge of closing
King of Prussia Mall is adding an additional 250,000 plus square feet…
The difference 20 miles makes…
When I first moved to Philly, I went to King of Prussia mall. I couldn’t believe how big it was. Later I discovered there was a second 1/2 of it (you had to walk outside to get to) that I didn’t even know about.
Especially when it takes 1-1/2 hours to drive 20 miles, here 20 miles takes 20 minutes a mile a minute I’m spoiled
I used to live on the same Road that the King of Prussia Mall is on. It had it’s own travel agency to help European’s fly in for the day and shop.