By Dawn Wotapka | The Wall Street Journal
The recovering U.S. economy is helping retail landlords slowly fill empty space and charge a bit more rent.
The average vacancy rate at U.S. retail property in the second quarter fell to its lowest level in more than three years to 10.5%, down from 10.6% in the first quarter, according to a report set to be released Wednesday by real-estate research firm Reis Inc. Asking rent increased to $19.19 a square foot from $19.13 in the first quarter.
The average vacancy rate at U.S. malls was at 8.3% at the end of the second quarter, the lowest rate in more than four years and down from 8.9% one year ago, according to the report. Strip-shopping centers, which include stores clustered around a common parking lot, ended the quarter with a 10.5% vacancy rate, down from 10.8% a year ago.
Still, nationwide vacancy remains well above the lows seen before the economic downturn. Overall vacancy was at 7.7% in the first quarter of 2008.
