download pdf - Fund Evaluation Group, LLC
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Page 16<br />
FOURTH QUARTER 2012<br />
Retail<br />
Retail properties experienced modestly improving fundamentals during the fourth quarter. The vacancy rate for malls<br />
declined slightly to 8.6% compared to 8.7% at the end of the third quarter. 14 Mall rents rose 0.2% in the quarter to an<br />
average of $39.31 per square foot. 15 Vacancy rates at retail strip centers declined to 10.7%, down from 10.8% at the end of<br />
the third quarter; average rents rose by 0.2% to $19.08 per square foot. 16 Competition from Internet retailers remains an<br />
ongoing concern in the retail sector, and retailers have been slow to lease new space because of concerns about the<br />
sustainability of the economic recovery.<br />
1 www.ncreif.com January 25, 2013<br />
2-3 Jones Lang LaSalle Global Markets Perspective, First Quarter 2013<br />
4 UBS 2013 Real Estate Market Outlook<br />
5 Bloomberg<br />
6-7 Heschmeyer, Mark CMBS Outlook Brightens Some, but Not Much, Costar, January 23, 2013<br />
8-9 Wotapka, Dawn, “Apartment Rents Continue to Rise as Vacancies Fall,” The Wall Street Journal, January 7, 2013<br />
10-13 Brown, Eliot, “Demand for Office Space Still Sluggish,” The Wall Street Journal, January 7, 2013<br />
© 2013 <strong>Fund</strong> <strong>Evaluation</strong> <strong>Group</strong>, <strong>LLC</strong>
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