TAGS: vending, bulk vending, vending machine location, Reis Inc., vending, shopping malls, commercial real estate, store rent, mall foot traffic, shopping center foot traffic, skill cranes
NEW YORK CITY-- A recent report by the real estate researcher Reis Inc. offered some recent good news for vending and amusement operators with locations in shopping malls. Occupied space in neighborhood and community shopping centers rose by a net of more than 2 million square feet in the second quarter of 2012, the report claims. The increase represents the third-largest addition since the current slump began in 2008.
The minor improvement suggests positive movement as vacancies declined from a 12-year high first reached in the last quarter of 2010. Rents have also increased slightly from an average of $16.49 a square foot to $16.55. The Reis report also noted that vacancies dropped to 10.8%, down from 10.9% a year earlier.
Rents also improved. Effective rents, or what's paid after any landlord discounts, averaged $16.55 a square foot, up from $16.49 a year earlier. Also noted in the report was the fact that regional mall vacancies fell to 8.9% in the second quarter from 9.3% a year earlier, accompanied by rents rising to $39.12 a square foot from $38.77.
Separately, Reis said it plans to release its second-quarter 2012 results on Thursday morning, Aug. 2. The complete release will be available at reis.com/investors.