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October 12th, 2012Area Malls Welcome New Retailers, More on the Way

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by Richard Lee

Stamford, CT - Shopping malls across the country were hit hard by the recession as vacancy rates skyrocketed, but as the economy improves, there are fewer empty store fronts in the indoor retail meccas, and area malls seem to be following the trend.

Reis Inc., a provider of commercial real estate performance information and analysis, has reported that regional mall vacancy rates across the nation are on the decline, falling from 8.9 percent at the end of the second quarter to 8.7 percent in the third quarter.

“We started to see big jumps in vacancy rates in 2008, but it didn’t peak until 2011,” said Brad Doremus, senior economics analyst at Reis. “The lowest was 5.1 percent to the high 5s between 2005 and 2008, but in the second quarter of 2008, it jumped to 6.3 percent. The highest was 9.4 percent in the third quarter of 2011.”

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