Real Estate

US mall vacancies jump at fastest pace on record, hit high: Moody’s

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Shoppers walk through a nearly empty Palisades Center Mall retail center in West Nyack, New York, February 3, 2021.

Mike Segar | Reuters

If you noticed more darkened windows and empty stores at the mall recently, you’re not alone.

The vacancy rate for regional malls in the United States hit a record 11.4% in the first quarter of 2021 from 10.5% in the fourth quarter of 2020, according to Moody’s Analytics’ commercial real estate division.

The 90 basis-points increase marked the highest the firm has ever seen, surpassing the record 80 basis-point spike in the first quarter of 2009, in the thick of the Great Recession.

“Malls are absolutely still on the ropes,” said Victor Calanog, lead of…



Source cnbc.com

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