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A report from Reis explained that the commercial real estate retail market has taken to recovery well, as the second quarter continued to show strong growth.
Vacancy rates declined to 10.8 percent during the second quarter, which was the second consecutive improvement in the reading, Reuters noted, citing the report. In addition, asking rents increased 0.2 percent, which was 0.1 percent better than the first quarter's gain.
"Although we still remain hesitant to claim that the market has reached stabilization, two consecutive quarters of vacancy and rent improvement is the strongest evidence to date that the sector is on the road to recovery," said Ryan Severino, senior economist for Reis, according to the news source.
Reis noted that the vacancy rate should continue to fall during the final half of the year, as construction should continue to taper off, while demand has continued to gain steam.
Malls have experienced more demand than shopping centers in recent months, the report explained, according to Reuters. Vacancies for these properties fell to 8.9 percent, while rents improved for the fifth quarter in a row. However, relative growth has not been strong for either property type.
