As reported in the Baltimore Business Journal, nearly 450 new shopping centers were added this year, through May 10, 2008, according to the latest industry report by from the International Council of Shopping Centers.

Here are some interesting supplemental data (and factoids) regarding the commercial real estate sector (and the retail arena, specifically): 

• The Big Picture: In 2008 there were 98,791 shopping centers represented 6.8 billion square feet, or 53.6 percent, of gross leasable retail space. That compares with 98,351 centers in 2007 and 96,132 in 2006.
• Small Centers: In 2008, 67 percent of shopping centers had 50,000 square feet or less of gross leasable area, which represents 70 percent of the growth in the number of centers this year. This is where the growth is …
•   MegaMall Factoids: Only 2.5 percent of the total number of centers in the U.S. have leaseable space of 400,000 square feet or more.  Although there are only 505 shopping centers with more than 1 million square feet, those mega centers represent about 10 percent of total shopping center space.
• Vacancies were 6.6 percent for retail properties, compared to 8.5 percent for industrial sites and 11.5 percent for office space.

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Posted in Attorneys, Developers, CMBX, Retail, Bankers, Historical Perspective, Commercial Title Companies, Market Trending, Annual Recap, Commercial Real Estate | 2 Comments