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Shopping Center Industry’s Pace of Decline Accelerates in First Quarter

Published Thursday, April 09, 2009

The U.S. shopping center industry experienced rapid deterioration in real estate fundamentals during the first quarter, according to preliminary data released Tuesday by real estate research firm Reis. Negative net absorption of 8.7 million sq. ft. plagued neighborhood and community centers during the first three months of 2009. That figure was largely responsible for the vacancy rate in this segment rising from 8.9% in the fourth quarter of 2008 to 9.5%. “In comparison to what was already a tough 2008, neighborhood and community centers returned more space to the market in the first quarter of 2009 ...

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