Q4 2013 Retail Market Trends

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Q4 2013 Retail Market Trends

by on February 2, 2014


A Step Up

The national vacancy rate for neighborhood and community shopping centers declined by 10 basis points during the fourth quarter to 10.4%. This was a slight improvement versus last quarter when vacancy was unchanged, but more or less in line with the pace of vacancy compression since the market began to recover two years ago. The national vacancy rate of 10.4% is down 30 basis points during 2013, and down just 70 basis points from the historical peak vacancy rate of 11.1% which was recorded during the third quarter of 2011. This tepid performance reflects the slow rate of recovery in the labor market, particularly the modest job gains and little to no income growth for most households. Moreover, consumer sentiment continues to rebound from a pullback in the wake of the federal government shutdown early in the fourth quarter. Therefore, while retail sales are growing, the pace of growth remains well below the long-term trend…

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