Strip Mall Vacancy Rate Highest in 12 years

[Celebration]

http://www.cnbc.com/id/23973558

The vacancy rate at U.S. strip malls rose to the highest level since 1996 in the first quarter of 2008, while that for big malls reached levels unseen since 2002, research firm Reis said on Friday.

The amount of space occupied by retailers fell for the first time since Reis began tracking the sector in 1980.

"Retailers are grappling with the implications of the housing and job market downturns for consumer activity, with the result that retail sector fundamentals -- occupancy and rent levels -- are being strained by anemic demand for space," Reis Chief Economist Sam Chandan said in statement.

Strip-mall vacancies rose 0.2 percentage points from the preceding quarter to 7.7 percent.

By the end of the year, the rate likely will reach or surpass 8 percent, Reis said.

[no_hypocrisy]

1. There's a strip mall in Wayne, New Jersey

Only one out of five stores is occupied and has been that way for more than a year.

[cliffordu]

2. Bummer. Turn them into housing for the homeless.

[DaveJ]

6. Well, the people there are already homeless

At the wages these employees make, I mean, there's no way any of them could afford a home anyway, so essentially they already are daytime domiciles for the homeless.

Edit: but don't we know how to make the homeless look cute?

[ConcernedCanuk]

3. Them damm strippers are just gonna ruin everything - stripping in malls no less!!

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.
.

Actually - maybe a stripper in a mall here and there would improve business??

Kidding aside, I know my own shopping habits have changed drastically - just buy what I absolutely need -

even then, I've "adjusted" what I consider to be "needs"

And I'm sure many others are as well.

Recession/Depression - call it what you will . .

Times a'changing . .

[RavensChick]

4. It's even worse in the DC metro area

as well as Baltimore. Two discount stores I venture to are now going out of business, and the lease space in a lot of strip malls I know of have'nt been occupied for over a year. That's the price we're paying for this damn war and inept politicians!

[superkia]

5. I'm here in Maryland also and have noticed the $1 stores are...

going out of business, I am assuming they will all reopen as those stores that sell the same kinds of items for a few dollars? Two $1 stores here locally have already closed and then reopened as these other stores. I guess you cant have a dollar store when the goods in them come from somewhere else and the dollar continues to drop.