1. shopping

National Retail Review
SUMMER 2015
National Retail Review
SUMMER 2015
Contents
Summer 2015 Overview................................................................... 3
National Shopping Center Statistical Overview......................... 6
Neighborhood Centers Continue Rebound.................................. 7
Power Centers/Neighborhood Hybrids Still Strong.................. 7
Class Bifurcation to Accelerate...................................................... 9
Statistical Overview National Summary.................................... 10
Statistical Overview Regional Summaries..................................12
Pacific Region..............................................................................12
Mountain Summary.................................................................. 14
Mountain Region.........................................................................15
Midwest/Great Plains Region................................................. 16
Texas/Panhandle/Lower Mississippi Delta Region........... 18
Southern U.S. Region............................................................... 20
Southeast Region........................................................................21
Methodology....................................................................................25
About DTZ........................................................................................26
Garrick Brown
VP of Research, West Region
201 California Street, Ste 800
San Francisco, CA 94111
+1 916 329 1558
[email protected]
Retail Review Summer 2015
Summer 2015 Overview
Consumer Confidence
Retailer expansion in the U.S. continues to be driven by two
factors: e-commerce and the economy. In the case of the
economy, we have seen strong growth coming from concepts
at both ends of the economic spectrum. High-end consumers
have been back since recovery began in 2010, and luxury
retail concepts have followed. Meanwhile, in terms of sheer
numbers and occupancy growth, the primary theme of retail
in the post-recession U.S. has been the rapid expansion of
discounters and off-price retail concepts. The real challenge
has been to the middle of this exaggerated hourglass. Middle
class consumers retreated during the downturn and have
largely remained in frugality mode despite the fact that the
U.S. is now entering its sixth year of recovery and the pace
of economic improvement has significantly accelerated over
the past three years. This has translated into little growth
from mid-priced retail concepts, particularly from hard-goods
retailers who are also facing challenges posed by the other
major factor that continues to impact growth in the U.S.,
e-commerce.
As with any major new disruptive technology, the rise
of e-commerce has come with an immense deal of
speculation, ranging from abject fear to euphoric exuberance.
Overstatements and understatements on its impact and
influence have become commonplace internationally. Here is
what we can tell you about its impact in the U.S.: e-commerce
currently accounts for just 8% of retail sales in the U.S.
(excluding auto and gasoline purchases). However, the pace
of e-commerce sales growth has consistently been in the
15% to 20% range annually since 2010, while bricks-andmortar retail sales growth has ranged between 2% and 4%
2.4%
Hawaii
20-YR Average April 2015
93.5
120
95.2
100
80
60
40
20
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: the Conference Board
DTZ Research
1
during that same period. This trend will continue well into the
next decade. We anticipate that e-commerce will eventually
account for somewhere between 20% and 25% of all retail
sales. But while a major disruptor, the rise of e-commerce
hasn’t been the apocalyptic force many predicted. Changing
technologies have wreaked havoc within a number of retail
categories (video, record and book stores) with e-commerce
benefiting. It also has presented serious challenges to
categories like office supplies and consumer electronics. But
consumers are not abandoning shopping. The foot traffic
counts of virtually every premier shopping center or high
street retail location in the U.S. continue to rise, not fall.
Here is where e-commerce is impacting growth. Recent
consumer surveys indicate that 75% of all Millennials use the
internet to inform their purchases. The actual sales totals are
closer to 25% (they vary depending on retail category), but
shoppers are increasingly using their smartphones, tablets
Highest Vacancy Markets (Q1 2015)
Lowest Vacancy Markets (Q1 2015)
San Francisco
Highest Level Since 2007
San Jose
3.8% 4.4%
Reno
Memphis
Detroit
14.2% 12.2% 11.7%
DTZ | 3
Retail Review Summer 2015
and new consumer-focused applications to shop for the best
values. Those numbers fall to roughly 50% for Generation
X and 35% for Baby Boomers. This trend alone is one of the
primary reasons why middle-class frugality has been so slow
to lift in the post-recessionary period. This is eroding retailer
margins, particularly for those who had previously counted
on middle class consumers willing to spend more for quality,
brand name loyalty or perceived value, which has eroded
thanks to technological changes.
In terms of retailer growth, e-commerce has hobbled the
expansion of mid-priced hard-goods retailers. Those who are
doing well are still either in no/slow growth mode or have
shifted their capital expenditure budgets towards building
their e-commerce platforms, primarily building distribution
chains with next-day delivery capabilities. For example, Macy’s
remains the dominant department store player in the U.S.,
but will be closing at least 100 stores in the coming year.
Still, Macy’s will record net employment gains as it expands
e-commerce fulfillment capabilities, usually in the form of
mega-distribution centers of 1 MSF or more.
As far as bricks-and-mortar growth, the rise of e-commerce
has meant that experiential retail is at the forefront of
traditional expansion. These are retail concepts, usually with a
heavy service component, that continue to successfully draw
consumers into their stores. Sporting goods concepts have
led the way. Many chains have actually increased their space
usage in an era when most big-box concepts are shrinking.
Kitchen stores (Williams & Sonoma, Sur la Table and others)
have also been active, as have entertainment/food based
concepts (Dave & Busters, etc.). But the real growth has come
from concepts that simply do not compete with online retail.
The real explosion in food concepts has been
in the restaurant arena. In terms of unit-count
growth, restaurants have accounted for nearly
45% of all shopping center expansion over the
past five years.
Food concepts have been the biggest driver of growth over the
past five years. While the grocery sector has seen the same
kind of economic barbell expansion that has impacted every
portion of the marketplace – Whole Foods on the luxury end
and Walmart on the budget side – this sector has also seen
consolidation in the middle from mid-priced, mostly unionized,
local and regional chains that have struggled to find their place
in the tug of war between value and service. The good news
is that frugal consumers are slowly returning here… but the
key word is slowly. The real explosion in food concepts has
been in the restaurant arena. In terms of unit-count growth,
restaurants have accounted for nearly 45% of all shopping
center expansion over the past five years. New higher quality
fast-casual concepts have accounted for most of this growth
(better burger, fast-fire pizza, new ethnic cuisines), while
mid-priced casual dining concepts, particularly older ones
struggling to remain fresh, have felt the greatest pain.
In terms of commercial real estate, this has translated into a
highly bifurcated marketplace where retail demand has been
almost exclusively focused on high quality, Class A shopping
centers whether we are talking about regional malls/lifestyle
Largest Decrease in Vacancy (Q1 2014 vs. Q1 2015)
Largest Increase in Vacancy (Q1 2014 vs. Q1 2015)
Albuquerque
Mobile
Q1/14
9.4
%
Charlotte
Louisville
Q1/15
7.9
%
Q1/14
8.1
%
Q1/15
6.8
%
Q1/14
9.3
%
Q1/15
8.0
%
Q1/14
9.4
%
Boston
Q1/15
10.9
%
Q1/14
4.8
%
Minneapolis
Q1/15
6.2
%
Q1/14
6.4
%
Q1/15
7.4%
DTZ | 4
Retail Review Summer 2015
centers, regional/power centers or community/neighborhood
centers. Shopping center vacancy in the U.S. stood at 8% as
of the close of Q1 2015. This is down from 12.1% in Q1 2010.
But these gains have mostly been driven by first-tier product.
Meanwhile, new development has been ramping up. We’re
tracking 21.8 MSF of product under development currently.
Half of this already has tenant commitments in place, while
70% of this is either expansion in existing centers or urban
redevelopment projects. Meanwhile, rents for trophy product
in most major U.S. markets have increased by 10% or more
over the past two years. However, little of these gains have
spilled over to Class B or C centers outside of the most robust
U.S. retail areas such as the San Francisco Bay Area, Boston,
New York City, Hawaii, Los Angeles, Miami and Washington
DC. The rise of new development will likely mean that
bifurcation based on class not only firmly remains in place, but
that this trend solidifies going forward. Meanwhile, there is
some cause for concern in terms of future retail growth.
Improving consumer metrics, confidence, spending and
income growth, in particular, will mean increased levels of
retailer demand. However, some of the concepts that drove
post-recessionary growth from 2010 to 2015 may be reaching
saturation point. Dollar stores grew at an astounding rate
of one new store every 4.5 hours in the U.S. from 2010
through 2014. However, consolidation is beginning to occur
in this industry, and most chains are planning on slowing
growth levels and potentially right-sizing their store counts.
Restaurant expansion has accounted for nearly 45% of
all new growth since 2010, but growth in total restaurant
sales has only increased by about 4% annually since then.
The restaurant industry will continue to see a flood of new
Strongest Annual Occupancy Growth (Q1 2014 to Q1 2015)
Dallas
+3MSF
Houston
Phoenix
+2.8MSF +2.2MSF
The rise of new development will likely mean
that bifurcation based on class not only firmly
remains in place but that this trend solidifies
going forward.
concepts and new growth, but a shakeout is due. Meanwhile,
automotive service chains consistently added at least 1,500
new stores annually over the past five years. But 2014 saw the
sale of over 17 million new cars, the highest total since 2001.
When new car sales increase, sales at automotive service
retailers that are hugely dependent upon consumers for fixing
up their older, used cars, tend to fall. As a result, most of these
chains are scaling back growth.
What does this all mean? The improving U.S. economy will
bring more retailer demand to bear, however, some of the
retailer categories that carried the marketplace over the past
five years are either now reaching saturation or are facing
other factors that could inhibit net growth. Meanwhile, rising
development levels will mean that the majority of new growth
outside of a few bargain-seeking concepts will be limited to
Class A shopping centers. This means bifurcation between
retail classes will only intensify in the year ahead. Trophies will
see the lion’s share of demand, rental rate growth and investor
interest. Meanwhile, the leasing environment for Class B
space will stay competitive, and Class C space will continue
to find a marketplace fraught with challenges where creative
adaptation and reuse may be the best solution.
Weakest Annual Occupancy Growth (Q1 2014 to Q1 2015)
Minneapolis
-203MSF
Mobile
-97KSF
Hawaii
-55KSF
DTZ | 5
Retail Review Summer 2015
deals in place, development of brand new shopping centers
without anchors in place remains almost unheard of in this
climate. Additionally, nearly half of the projects we are
tracking are either expansions, additional phases of existing
shopping centers or redevelopment projects in urban or dense
suburban markets.
National Shopping Center Statistical Overview
DTZ tracks shopping center vacancy, absorption and rental
rate trends in 60 major U.S. markets. As of the close of Q1
2015, shopping center vacancy stood at 8%. This reflects no
change from the 8% rate that was in place just three months
ago, though it does reflect a decline over the 8.3% reading of
a year ago. Over the past twelve months, the marketplace has
absorbed just over 50 million square feet (MSF) of shopping
center space. Over 12.4 MSF of this occupancy growth took
place in Q1 2015.
We are now tracking nearly 21.8 MSF of shopping center
space under construction. Current levels of new development
now match what we saw at the peak of the last cycle—in
2005 just over 25.5 MSF of new shopping center space was
delivered to the marketplace. The difference is that speculative
development led the charge then, accounting for about
60% of the space that was built. Of the 21.8 MSF of product
currently in the pipeline, roughly 75% of it already has lease
commitments in place. Though developers are increasingly
willing to build a greater proportion of their projects without
Strongest Levels of New Development (Q1 2014 to Q1 2015)
Las Vegas
+1.9MSF
Boston
Houston
+1.5MSF +1.4MSF
This current wave of new development has been driven by a
shortage of Class A space. Though overall vacancy may still
stand in the low 8% range, we estimate that overall vacancy
for trophy or premium space for every shopping center type
currently stands below the 5% mark. Class A neighborhood/
community centers have the highest vacancy rate at 4.9%, but
this is not far off from historic averages.
With a dearth of Class A availability, many retailers have turned
to Class B space in the tightest retail markets over the past
couple of years. As new premium product increasingly becomes
available in the coming months, Class B centers will suffer
the most, though sharp rental rate increases mean that these
projects will increasingly land bargain-hunting tenants.
The difference is that speculative development
led the charge then, accounting for about 60% of
the space that was built. Of the 21.8 MSF of
product currently in the pipeline, roughly 75% of it
already has lease commitments in place.
Highest Levels of Ongoing Construction Q1 2015
Northern
New Jersey
Chicago
Los Angeles
+3.7MSF +1.2MSF +1.1MSF
DTZ | 6
Retail Review Summer 2015
Neighborhood Centers Continue Rebound
Of the nearly 5.3 billion square feet of shopping center space
that we track throughout the United States, Community/
Neighborhood/Strip Centers account for the lion’s share of
the inventory (67.1%) with just under 3.6 billion square feet
of product. The vacancy rate for this segment of the shopping
center market stood at 9.3% as of the close of Q1 2015. This
compares to a vacancy rate of 9.4% last quarter. Over the past
year, this product type has posted over 35.5 MSF of occupancy
growth but less than 1 MSF of that came in Q1 2015.
Just under 14.9 MSF of new Community/Neighborhood/
Strip Center space has been delivered over the past year. We
are tracking more than 8.6 MSF of product currently under
development. We anticipate that this number will continue to
climb. All economic indicators point to building momentum
in the residential housing market and a ramping up of
homebuilding beyond just the urban, multifamily focus that has
so far dominated the cycle. We expect to see increased levels
of suburban housing development over the next 24 months.
These new rooftops will spur new opportunities for this type
of shopping center. But most of these projects will still require
substantial pre-leasing commitments to be in place before they
start moving dirt.
Though this shopping center type currently has the highest
level of overall vacancy, it is also where we expect to see the
strongest growth ahead. Strip centers, however, will continue
to present a challenge in many markets, though the increase
of new small-concept users, particularly among grocery or
superstore players like Target and Walmart, may offer many
landlords the possibility of transitioning some strip projects
overnight, should they be lucky enough to land these “minianchors” capable of boosting traffic and simultaneously
making these centers more desirable to other inline tenants.
Ultimately, however, the increasing strength of this sector
comes down to its core tenancy - drug store or grocery anchors
and inline tenants that are usually food or service based.
Power Centers/Neighborhood Hybrids Still Strong
With a tenant base that has traditionally been built upon the
back of big-box, you would expect Power Centers to be one of
1
Market
Vacancy
Rate Q1
2015
Vacancy
Rate Q4
2014
Vacancy
Rate Q1
2014
Change in
Vacancy Over
the Past Year
San Francisco, CA
2.4%
2.4%
2.2%
0.2%
2
Hawaii
3.8%
3.6%
3.3%
0.5%
3 (tie)
San Jose, CA
4.4%
3.9%
4.5%
-0.2%
3 (tie)
Pittsburgh, PA
4.4%
4.4%
4.8%
-0.3%
4 (tie)
Santa Barbara, CA
4.9%
5.0%
5.2%
-0.3%
4 (tie)
San Diego, CA
4.9%
4.7%
5.2%
-0.3%
4 (tie)
Orange County, CA
4.9%
4.9%
5.6%
-0.7%
5
New York City, NY
5.0%
4.8%
4.5%
0.4%
6
Oakland/East Bay, CA
5.2%
4.7%
5.5%
-0.4%
7 (tie)
Washington, DC
5.4%
5.2%
5.4%
0.0%
7 (tie)
Los Angeles, CA
5.4%
5.3%
5.6%
-0.2%
8
Austin, TX
5.7%
5.8%
5.9%
-0.2%
9
Des Moines, IA
5.9%
5.9%
6.3%
-0.3%
10
Salt Lake City, UT
6.0%
5.8%
5.9%
0.1%
11 (tie)
Baltimore, MD
6.2%
5.9%
6.1%
0.1%
11 (tie)
Boston, MA
6.2%
4.5%
4.8%
1.4%
12 (tie)
Northern New Jersey
6.3%
6.0%
6.5%
-0.3%
12 (tie)
Raleigh/Durham, NC
6.3%
6.2%
7.3%
-1.0%
12 (tie)
Seattle, WA
6.3%
6.2%
7.2%
-0.9%
13 (tie)
Little Rock, AR
6.6%
6.9%
6.9%
-0.3%
13 (tie)
Miami, FL
6.6%
6.4%
6.8%
-0.2%
14 (tie)
Portland, OR
6.7%
6.8%
7.3%
-0.6%
15
Louisville, KY
6.8%
7.1%
8.1%
-1.3%
16
Denver, CO
6.9%
6.8%
7.0%
-0.1%
17
San Antonio, TX
7.1%
6.9%
7.3%
-0.2%
18 (tie)
Hampton Roads, VA
7.4%
6.9%
7.4%
-0.1%
18 (tie)
Charleston, SC
7.4%
7.1%
7.4%
0.0%
18 (tie)
Minneapolis/St. Paul, MN
7.4%
6.6%
6.4%
1.0%
18 (tie)
Houston, TX
7.4%
7.3%
8.0%
-0.6%
Source: DTZ Research / CoStar
DTZ | 7
Retail Review Summer 2015
As of the close of Q1 2015, the
vacancy rate for Power Centers
was just 5.5%
the most challenged shopping center types out there. Thanks
to a rapidly adapting marketplace, they are emerging as one of
the stronger asset classes in the marketplace.
We currently track just over 926 MSF of Power Center space.
This product type accounts for 17.5% of the shopping center
space in our survey. As of the close of Q1 2015, the vacancy
rate for Power Centers was just 5.5%. This metric has not
moved in six months. Over the past twelve months, Power
Centers absorbed just under 7 MSF of space, with Q1 2015
activity accounting for nearly 3.3 MSF of that total.
New development has added over 4.9 MSF of new product
over the last year, most of which was occupied on delivery.
We are now tracking just over 3.1 MSF of Power Center space
under development.
The reason that Power Centers have essentially held their
own is because landlords have been willing to adapt. Most
of the box categories that are shrinking are leaving behind
junior-box space in the 30,000 to 40,000 SF range. But
this is where we still see a fairly deep tenant pool in terms of
demand, with small grocery users accounting for most of the
action. Players ranging from Walmart to Whole Foods are
looking to aggressively grow smaller format grocery stores,
and now Target is entering the fray with its new small-format
Target Express concept. So look for the trend of Power Centers
shifting core tenancy towards food users to continue and
accelerate.
Most of what has been delivered over the past year has
featured Supercenter concepts that emphasize fullgrocery components, such as Walmart, Target, Meijer, etc.
Interestingly, there are a few grocery and superstore players
that are going larger, like Meijer and Kroger, on a limited
number of new stores, but both Walmart and Target seem to
be slowing their superstore growth. In the case of Target, it
only has two new superstore deals in the pipeline for next year,
and it is increasingly looking to grow new, smaller and often
standalone CityTarget and Target Express formats. We know
of some instances where, in order to tap into lucrative CBD
markets, Target may experiment with taking this concept as
small as 15,000 to 25,000 SF. Meanwhile, though Walmart is
still likely to add 100+ full service superstore locations in the
19
Market
Vacancy
Rate Q1
2015
Vacancy
Rate Q4
2014
Vacancy
Rate Q1
2014
Change in Vacancy
Over the Past Year
Richmond, VA
7.6%
7.4%
8.2%
-0.6%
20 (tie) Albuquerque, NM
7.9%
8.1%
9.4%
-1.5%
20 (tie) Philadelphia
7.9%
7.6%
7.7%
0.2%
21
Charlotte, NC
8.0%
7.9%
9.1%
-1.1%
22
New Orleans, LA
8.1%
7.5%
7.3%
0.8%
23 (tie) Tampa, FL
8.3%
8.0%
8.9%
-0.6%
23 (tie) Tucson, AZ
8.3%
8.1%
7.8%
0.5%
24
Orlando, FL
8.4%
8.8%
9.3%
-0.8%
25
Omaha, NE
8.6%
7.5%
8.1%
0.5%
26
Tulsa, OK
8.7%
7.9%
8.2%
0.4%
27
Dallas, TX
9.0%
9.0%
9.7%
-0.7%
28
St. Louis, MO
9.3%
9.2%
9.8%
-0.6%
Jacksonville, FL
9.4%
9.6%
10.4%
-1.0%
30 (tie) Indianapolis, IN
9.5%
9.4%
9.8%
-0.3%
30 (tie) Nashville, TN
9.5%
9.3%
9.8%
-0.3%
31
Oklahoma City, OK
9.6%
9.6%
10.1%
-0.5%
32
Milwaukee/Madison, WI
9.9%
9.3%
9.8%
0.1%
33
Kansas City, MO
9.9%
9.3%
9.6%
0.3%
34
Inland Empire, CA
29
10.0%
9.6%
9.9%
0.0%
35 (tie) Sacramento, CA
10.6%
10.3%
10.8%
-0.2%
35 (tie) Chicago, IL
10.6%
10.4%
10.8%
-0.2%
36 (tie) Cincinnati/Dayton, OH
10.6%
10.3%
11.1%
-0.4%
36 (tie) Atlanta, GA
10.6%
10.4%
11.1%
-0.5%
37
Mobile, AL
10.9%
9.7%
9.4%
1.5%
38
Birmingham, AL
11.0%
11.2%
11.6%
-0.6%
39
Cleveland, OH
11.1%
10.7%
11.2%
-0.2%
40 (tie) Phoenix, AZ
11.3%
11.1%
12.0%
-0.7%
40 (tie) Las Vegas, NV
11.3%
10.2%
11.0%
0.3%
41
Detroit, MI
11.7%
11.0%
11.6%
0.1%
42
Memphis, TN
12.2%
11.7%
12.9%
-0.8%
43
Reno, NV
14.2%
13.6%
13.6%
0.6%
Source: DTZ Research / CoStar
DTZ | 8
Retail Review Summer 2015
next year, it is increasingly focused on expanding its smaller
format Walmart Express (15,000 to 30,000 SF) and Walmart
Neighborhood (30,000 to 45,000 SF) stores. What does this
mean? It means that Power Center development numbers are
likely to continue to decrease, though we certainly won’t rule
out that these smaller-format stores may pop up as anchors for
new Power Center projects in the future.
While we continue to see consolidation from
a number of major mall retailers, we also continue
to see strong growth from new concepts and
entertainment and restaurant players..
Class Bifurcation to Accelerate
We are currently tracking over 614 MSF of mall space in the 60
markets that we track nationally. This accounts for 11.5% of the
roughly 5.3 billion square feet of shopping center space in our
survey. As of the close of Q1 2015, the vacancy rate for malls
stood at 4.2%, reflecting a slight decrease from the 4.3% rate
that was in place as of three months ago.
Over the past year, the mall sector has accounted for just
under 3.4 MSF of occupancy growth, nearly 2 MSF of that
coming in Q1 and virtually all of that coming from the delivery
of additional phases or expansions at existing, long-established
malls. We are tracking about 3.6 MSF of additional space still
in the development pipeline.
But, while the overall mall metrics may show slight decreases
in vacancy, they will continue to mask the real story which is
the increasing gulf between Class A and Class B/C properties.
Increased closures will only accelerate this trend of bifurcation
as the market separates mall product into two basic categories:
trophies and trash.
We estimate current Class A Mall vacancy to stand at just
2.5%. Class B and C vacancy is the problem. We don’t see
this as a big portion of the marketplace, but we do estimate
vacancy for Class C product at the 11% level. Class B is trickier,
and here is where we see incredible pressure on landlords
to upgrade and compete with Class A or risk falling into the
dreaded C category. We estimate Class B vacancy level to be
closer to 6%.
While we continue to see consolidation from a number of
major mall retailers, we also continue to see strong growth
from new concepts and entertainment and restaurant players.
Class A, or trophy shopping centers, will avoid most of the
closures we expect next year, as retailers are generally looking
to pull the plug on less profitable Class B and C locations.
Meanwhile, the vacancies that we do see opening up in Class
A centers are usually backfilled as quickly as they become
available. Class A properties are holding their own quite well.
The challenge is for older Class B and C properties.
DTZ | 9
National Regional Summaries (Q1-2015)
National Summary
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
3,559,828,274
331,295,584
9.3%
35,504,102
14,875,673
8,606,367
$15.51
Power Centers
926,389,760
51,047,862
5.5%
6,962,174
4,914,676
3,134,401
$18.16
Malls
614,287,918
25,900,759
4.2%
3,426,828
2,971,976
3,632,532
$19.64
Specialty Centers
196,656,850
13,810,821
7.0%
4,111,844
3,585,980
6,381,996
$21.09
All Shopping Centers
5,297,162,802
422,055,026
8.0%
50,004,948
26,348,305
21,755,296
Shopping Centers
Community/Neighborhood/Strip
Regional Summaries
PACIFIC
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
639,337,537
46,197,682
7.2%
6,961,806
2,147,312
1,949,238
$21.04
Power Centers
146,880,985
7,952,119
5.4%
1,097,592
1,026,975
27,950
$24.50
Malls
112,393,440
2,811,443
2.5%
(64,617)
65,500
208,395
$21.31
Specialty Centers
34,382,576
2,050,575
6.0%
917,558
688,619
2,091,842
$26.43
932,994,538
59,011,819
6.3%
8,912,339
3,928,406
4,277,425
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
328,651,505
36,612,623
11.1%
2,786,010
1,120,971
468,332
$13.84
Power Centers
95,982,421
5,026,991
5.2%
1,159,535
346,859
149,695
$18.34
Malls
46,587,481
2,325,321
5.0%
1,900,568
1,647,542
341,689
$16.28
Specialty Centers
15,367,755
1,478,905
9.6%
(19,931)
60,000
883,955
$22.93
486,589,162
45,443,840
9.3%
5,826,182
3,175,372
1,843,671
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
190,751,205
18,754,298
9.8%
985,920
1,568,855
579,668
$11.84
Power Centers
54,136,184
3,123,722
5.8%
150,139
124,551
267,500
$14.76
Malls
35,785,312
1,400,633
3.9%
29,920
-
-
$12.62
Specialty Centers
13,256,734
2,159,299
16.3%
583,193
458,340
-
$14.33
293,929,435
25,437,952
8.7%
1,749,172
2,151,746
847,168
Shopping Centers
All Shopping Centers
MOUNTAIN
Shopping Centers
All Shopping Centers
Current Qtr
MIDWEST GREAT PLAINS
Shopping Centers
Community/Neighborhood/Strip
All Shopping Centers
Last 12 Months
Current Qtr
Last 12 Months
DTZ | 10
StatisticalRegional
Overview
(Q1-2015) (Q1-2015)
National
Summaries
Regional Summaries
MIDWEST GREAT LAKES
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
479,364,064
59,117,440
12.3%
4,331,091
1,459,720
1,107,676
$12.21
Power Centers
134,341,737
10,209,164
7.6%
963,193
350,250
195,548
$12.90
Malls
89,921,765
7,501,804
8.3%
54,843
97,784
216,172
$13.06
Specialty Centers
25,040,108
1,264,454
5.0%
22,193
156,895
1,473,158
$18.83
All Shopping Centers
728,667,674
78,092,862
10.7%
5,371,320
2,064,649
2,992,554
Shopping Centers
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
476,118,327
44,335,892
9.3%
6,024,558
2,808,286
1,005,305
$13.79
Power Centers
109,872,395
4,569,210
4.2%
682,053
86,088
427,500
$18.23
Malls
66,367,263
3,296,145
5.0%
72,058
91,150
21,950
$14.86
Specialty Centers
27,599,814
1,790,040
6.5%
502,833
348,587
252,000
$21.41
679,957,799
53,991,287
7.9%
7,281,502
3,334,111
1,706,755
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
135,603,142
13,694,381
10.1%
1,571,775
191,200
-
$10.97
Power Centers
33,352,418
2,827,780
8.5%
153,009
136,602
6,250
$16.15
Malls
18,516,101
2,024,654
10.9%
17,165
-
-
$10.09
Specialty Centers
6,645,654
953,519
14.3%
230,394
-
310,000
$15.42
All Shopping Centers
194,117,315
19,500,334
10.0%
1,972,343
327,802
316,250
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
664,064,802
65,149,227
9.8%
9,336,296
3,307,833
850,253
$14.36
Power Centers
137,290,192
7,214,782
5.3%
1,124,235
740,328
870,729
$16.46
Malls
95,073,248
2,741,077
2.9%
1,252,569
1,004,000
5,326
$27.52
Specialty Centers
36,755,445
2,362,633
6.4%
1,326,017
1,214,131
886,521
$18.70
All Shopping Centers
933,183,687
77,467,719
8.3%
13,039,117
6,266,292
2,612,829
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Shopping Centers
Community/Neighborhood/Strip
TEXAS SOUTH CENTRAL
All Shopping Centers
Current Qtr
SOUTHERN U.S.
Shopping Centers
Current Qtr
SOUTHEAST
Shopping Centers
Community/Neighborhood/Strip
Last 12 Months
Current Qtr
NORTHEAST
Shopping Centers
Last 12 Months
Last 12 Months
Current Qtr
Last 12 Months
Average Quoted
Rate
Community/Neighborhood/Strip
645,937,692
47,434,041
7.3%
3,506,646
2,271,496
2,645,895
$17.80
Power/Regional Centers
214,533,428
10,124,094
4.7%
1,632,418
2,103,023
1,189,229
$19.24
Malls
149,643,308
3,799,682
2.5%
164,322
66,000
2,839,000
$23.37
Specialty Centers
37,608,764
1,751,396
4.7%
549,587
659,408
484,520
$22.47
1,047,723,192
63,109,213
6.0%
5,852,973
5,099,927
7,158,644
All Shopping Centers
DTZ | 11
Statistical Overview (Q1-2015)
Pacific Region
HAWAII
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
15,837,614
598,764
3.8%
3.7%
3.6%
(4,735)
(5,171)
24,357
141,181
$39.65
Power/Regional Centers
6,010,397
223,836
3.7%
3.8%
3.4%
4,030
(17,566)
-
-
$43.35
Specialty Centers
771,484
69,190
9.0%
9.0%
8.6%
-
(2,656)
-
76,601
$55.90
Strip
1,562,619
115,113
7.4%
7.6%
7.1%
3,045
(740)
3,692
-
$27.33
Malls
3,462,853
39,390
1.1%
0.7%
0.3%
(14,405)
(29,026)
-
208,395
All Shopping Centers
27,644,967
1,046,293
3.8%
3.6%
3.3%
(12,065)
(55,159)
28,049
426,177
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
75,936,266
8,042,109
10.6%
10.8%
11.1%
150,190
724,945
444,512
191,452
$16.24
Power/Regional Centers
20,869,703
1,775,549
8.5%
8.1%
8.4%
(88,478)
101,471
452,438
-
$16.46
4,745,519
648,668
13.7%
13.8%
14.4%
8,361
35,884
-
-
$21.50
Strip
14,392,342
1,576,572
11.0%
10.6%
10.9%
(41,476)
15,031
30,821
5,000
$16.28
Malls
12,716,804
770,587
6.1%
6.0%
5.9%
(1,671)
(17,416)
-
-
$14.04
128,660,634
12,813,485
10.0%
9.6%
9.9%
26,926
859,915
927,771
196,452
INLAND EMPIRE, CA*
Specialty Centers
All Shopping Centers
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
*Riverside & San Bernardino Counties, CA
LOS ANGELES, CA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
119,384,719
7,075,551
5.9%
6.0%
6.4%
138,939
821,800
306,370
173,938
$22.90
Power/Regional Centers
36,821,311
2,152,880
5.8%
6.0%
6.1%
42,009
303,124
188,658
-
$22.66
Specialty Centers
7,955,910
281,236
3.5%
3.6%
3.2%
3,348
180,741
212,290
806,800
$19.61
Strip
38,722,780
2,563,557
6.6%
6.6%
7.4%
6,967
311,098
9,378
104,307
$24.30
Malls
28,334,501
457,032
1.6%
1.6%
1.8%
(4,960)
64,023
-
-
$23.79
All Shopping Centers
231,219,221
12,530,256
5.4%
5.3%
5.6%
186,303
1,680,786
716,696
1,085,045
OAKLAND/EAST BAY, CA
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
35,129,442
1,824,581
5.2%
5.4%
6.3%
67,020
404,605
31,400
142,142
$21.63
Power/Regional Centers
9,537,011
494,963
5.2%
4.8%
6.0%
(35,948)
73,335
-
16,500
$21.70
Specialty Centers
2,384,693
126,232
5.3%
3.2%
7.1%
71,160
190,675
158,499
-
$21.02
Strip
5,909,974
383,018
6.5%
6.4%
7.8%
(5,651)
96,997
41,161
73,099
$20.96
$24.41
Malls
8,049,212
322,118
4.0%
4.0%
3.8%
-
(15,857)
-
-
All Shopping Centers
61,010,332
3,150,912
5.2%
4.7%
5.5%
96,581
749,755
231,060
231,741
ORANGE COUNTY, CA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
55,951,251
2,946,883
5.3%
5.5%
7.0%
163,311
1,016,233
44,470
69,865
$23.06
Power/Regional Centers
12,562,746
371,210
3.0%
3.4%
3.4%
54,493
54,210
-
-
$31.56
Specialty Centers
4,135,779
259,522
6.3%
6.9%
8.8%
27,251
105,103
-
935,415
$33.72
Strip
11,914,702
735,178
6.2%
6.0%
6.4%
(14,877)
26,475
-
-
$23.17
Malls
14,447,243
584,431
4.0%
4.5%
3.3%
62,129
(48,571)
65,500
-
$35.84
All Shopping Centers
99,011,721
4,897,224
4.9%
4.9%
5.6%
292,307
1,153,450
109,970
1,005,280
DTZ | 12
Statistical Overview (Q1-2015)
Pacific Region
PORTLAND, OR
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
43,606,162
3,177,716
7.3%
7.6%
7.9%
163,833
433,662
273,406
310,461
$15.42
Power/Regional Centers
13,756,247
701,631
5.1%
5.1%
6.1%
38,996
343,259
215,075
-
$18.48
Specialty Centers
2,894,810
96,276
3.3%
3.1%
2.1%
(6,943)
137,677
177,830
-
$15.01
Strip
8,942,168
868,024
9.7%
10.1%
12.0%
42,014
238,625
49,280
11,000
$16.34
Malls
7,048,139
280,683
4.0%
4.0%
3.7%
471
(18,606)
-
-
$12.00
76,247,526
5,124,330
6.7%
6.8%
7.3%
238,371
1,134,617
715,591
321,461
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
39,964,421
4,306,224
10.8%
10.9%
11.3%
88,245
304,037
102,353
70,304
$17.21
Power/Regional Centers
12,813,037
1,085,947
8.5%
8.9%
8.5%
51,471
144,814
152,432
11,450
$18.11
Specialty Centers
2,628,116
288,092
11.0%
11.2%
13.1%
31,732
81,487
-
33,026
$21.24
Strip
9,655,912
1,425,202
14.8%
14.4%
15.9%
(30,895)
109,102
-
-
$15.04
Malls
3,330,053
130,019
3.9%
3.9%
4.0%
-
2,500
-
-
All Shopping Centers
68,391,539
7,235,484
10.6%
10.3%
10.8%
140,553
641,940
254,785
114,780
All Shopping Centers
SACRAMENTO, CA
Current Qtr
SAN DIEGO, CA
Historical Vacancy
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
44,827,889
2,797,558
6.2%
6.3%
7.1%
82,941
638,053
272,459
80,685
$21.76
Power/Regional Centers
12,463,533
439,274
3.5%
3.3%
3.8%
(28,437)
44,002
4,000
-
$30.24
Specialty Centers
2,677,772
151,304
5.7%
5.7%
7.1%
132,173
168,042
140,000
-
$19.64
Strip
10,938,527
674,258
6.2%
6.0%
6.9%
(23,126)
80,661
3,200
9,950
$20.01
Malls
12,585,087
10,685
0.1%
0.1%
0.1%
-
300
-
-
All Shopping Centers
83,492,808
4,073,079
4.9%
4.7%
5.2%
163,551
931,058
419,659
90,635
SAN FRANCISCO, CA*
Shopping Centers
Current Qtr
Historical Vacancy
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
7,499,586
297,420
4.0%
3.8%
3.2%
(6,373)
13,581
74,477
-
$31.38
Power/Regional Centers
3,670,796
34,112
0.9%
0.9%
0.8%
(1,610)
(3,608)
-
-
$51.33
Specialty Centers
1,484,246
29,096
2.0%
2.0%
2.8%
414
11,965
-
240,000
$130.00
Strip
1,846,214
46,090
2.5%
2.5%
4.3%
(641)
32,874
-
-
$30.29
Malls
3,871,460
38,879
1.0%
1.1%
1.1%
4,636
3,119
-
-
$48.09
All Shopping Centers
18,372,302
445,597
2.4%
2.4%
2.2%
(3,574)
57,931
74,477
240,000
*Includes San Francisco and San Mateo Counties
SAN JOSE, CA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
26,192,769
1,353,575
5.2%
5.0%
6.1%
(22,396)
584,832
359,967
302,686
$27.57
Power/Regional Centers
5,166,201
267,957
5.2%
4.3%
4.6%
(33,272)
(15,908)
14,372
-
$28.75
Specialty Centers
1,690,438
11,305
0.7%
0.4%
0.5%
(3,900)
(2,053)
-
-
Strip
5,824,612
324,674
5.6%
4.9%
5.8%
(8,748)
95,283
42,301
19,345
$28.77
Malls
7,635,589
82,552
1.1%
0.9%
1.0%
(11,889)
(3,909)
-
-
$33.00
46,509,609
2,040,063
4.4%
3.9%
4.5%
(80,205)
658,245
416,640
322,031
All Shopping Centers
DTZ | 13
Statistical Overview (Q1-2015)
Pacific Region
SANTA BARBARA, CA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
6,092,660
401,522
6.6%
6.8%
7.0%
12,903
31,858
4,320
45,281
$19.35
Power/Regional Centers
2,533,490
15,253
0.6%
0.6%
1.3%
(600)
18,541
-
-
$32.34
-
-
0.0%
0.0%
0.0%
-
-
-
-
Strip
954,143
47,872
5.0%
5.3%
3.5%
2,669
(14,428)
-
-
Malls
-
-
0.0%
0.0%
0.0%
-
-
-
-
9,580,293
464,647
4.9%
5.0%
5.2%
14,972
35,971
4,320
45,281
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
46,000,409
3,669,793
8.0%
8.0%
9.7%
9,428
822,928
22,320
191,000
$17.30
Power/Regional Centers
10,676,513
389,507
3.6%
3.6%
4.1%
(1,534)
51,918
-
-
$25.67
Specialty Centers
3,013,809
89,654
3.0%
3.1%
3.3%
2,735
10,693
-
-
$24.22
Strip
12,250,356
946,428
7.7%
7.8%
9.1%
20,330
179,465
7,068
7,542
$18.29
Malls
10,912,499
95,067
0.9%
0.9%
0.9%
(274)
(1,174)
-
-
$28.00
All Shopping Centers
82,853,586
5,190,449
6.3%
6.2%
7.2%
30,685
1,063,830
29,388
198,542
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
15,440,966
1,220,787
7.9%
8.2%
10.0%
51,534
365,315
42,129
-
$13.66
Power/Regional Centers
1,723,011
56,651
3.3%
5.0%
4.6%
28,880
22,890
-
-
$15.17
Specialty Centers
212,283
6,000
2.8%
2.8%
2.8%
-
-
-
-
Strip
3,501,826
353,866
10.1%
10.3%
11.1%
5,083
33,453
-
-
$14.25
Malls
3,275,018
267,592
8.2%
8.2%
8.2%
-
-
-
-
$10.59
All Shopping Centers
24,153,104
1,904,896
7.9%
8.1%
9.4%
85,497
421,658
42,129
-
Specialty Centers
All Shopping Centers
SEATTLE, WA
Shopping Centers
Community/Neighborhood
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
$22.25
Mountain Summary
ALBUQUERQUE, NM
Current Qtr
DENVER, CO
Historical Vacancy
Current Qtr
Historical Vacancy
Last 12 Months
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
63,820,287
5,187,845
8.1%
8.0%
8.5%
57,516
426,068
227,570
150,563
$13.94
Power/Regional Centers
24,649,605
1,115,091
4.5%
4.6%
5.1%
25,655
368,065
201,138
136,444
$17.22
Specialty Centers
3,662,768
442,843
12.1%
12.3%
13.2%
8,409
39,210
-
159,401
$23.14
Strip
10,196,872
722,591
7.1%
7.3%
8.5%
25,137
146,429
5,856
-
$15.51
Malls
12,149,815
470,997
3.9%
4.1%
3.3%
23,838
(52,201)
16,500
-
$29.02
114,479,347
7,939,367
6.9%
6.8%
7.0%
140,555
927,571
451,064
446,408
All Shopping Centers
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
DTZ | 14
Statistical Overview (Q1-2015)
Mountain Region
LAS VEGAS, NV
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
41,976,606
6,322,411
15.1%
14.3%
14.6%
(287,574)
37,867
280,000
105,756
$15.04
Power/Regional Centers
16,830,658
818,112
4.9%
4.9%
5.5%
10,479
114,585
-
-
$17.16
Specialty Centers
3,758,589
238,873
6.4%
6.6%
5.3%
8,023
(37,963)
-
364,554
$27.23
Strip
9,655,697
1,328,202
13.8%
13.4%
15.1%
(33,655)
140,389
10,400
-
$14.17
Malls
7,437,912
321,039
4.3%
4.3%
6.4%
(1,000)
1,682,692
1,631,042
-
$14.08
79,659,462
9,028,637
11.3%
10.2%
11.0%
(303,727)
1,937,570
1,921,442
470,310
Historical Vacancy
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
90,821,001
12,221,787
13.5%
13.5%
14.7%
103,140
1,335,286
267,611
70,455
$13.27
Power/Regional Centers
31,937,070
1,568,311
4.9%
5.3%
6.0%
240,872
473,670
138,221
7,751
$20.68
Specialty Centers
3,648,614
273,683
7.5%
7.7%
7.7%
7,422
63,077
60,000
-
$16.65
Strip
13,698,465
2,348,350
17.1%
16.9%
17.6%
(28,236)
60,629
4,100
31,558
$13.34
Malls
14,310,506
975,738
6.8%
7.6%
8.7%
115,557
264,525
-
141,689
All Shopping Centers
154,415,656
17,387,869
11.3%
11.1%
12.0%
438,755
2,197,187
469,932
251,453
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
11,366,253
1,545,813
13.6%
13.6%
13.2%
3,391
(33,771)
7,740
-
$13.75
Power/Regional Centers
3,056,231
580,678
19.0%
19.4%
22.2%
12,728
98,373
-
-
$11.95
All Shopping Centers
PHOENIX, AZ
Current Qtr
RENO, NV
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Specialty Centers
667,074
71,570
10.7%
9.9%
10.2%
(5,527)
(3,534)
-
-
$40.00
Strip
2,851,165
485,196
17.0%
17.3%
17.4%
8,611
25,307
-
-
$15.65
Malls
1,927,313
134,958
7.0%
7.0%
7.1%
-
2,591
-
-
$23.53
19,868,036
2,818,215
14.2%
13.6%
13.6%
19,203
88,966
7,740
-
All Shopping Centers
SALT LAKE CITY, UT
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
34,886,170
2,054,910
5.9%
5.8%
6.2%
(14,501)
274,827
179,018
110,000
$12.51
Power/Regional Centers
12,708,804
675,490
5.3%
5.3%
5.8%
(6,297)
55,510
-
-
$16.44
Specialty Centers
2,498,526
385,114
15.4%
15.4%
12.1%
-
(81,671)
-
-
$22.35
Strip
7,029,638
510,079
7.3%
6.9%
6.9%
(25,782)
(22,635)
6,323
-
$13.97
Malls
5,093,929
111,773
2.2%
2.2%
2.4%
(1,395)
9,900
-
200,000
$23.68
All Shopping Centers
62,217,067
3,737,366
6.0%
5.8%
5.9%
(47,975)
235,931
185,341
310,000
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
19,480,310
1,845,971
9.5%
9.3%
8.7%
(34,317)
(76,255)
75,707
-
$15.22
Power/Regional Centers
5,077,042
212,658
4.2%
4.7%
4.6%
27,850
26,442
7,500
5,500
$22.70
919,901
60,822
6.6%
6.6%
6.7%
-
950
-
360,000
$23.99
Strip
3,926,249
464,815
11.8%
12.1%
13.4%
10,685
73,101
14,517
-
$13.19
Malls
2,392,988
43,224
1.8%
1.6%
1.5%
(3,790)
(6,939)
-
-
$42.00
All Shopping Centers
31,796,490
2,627,490
8.3%
8.1%
7.8%
428
17,299
97,724
365,500
TUCSON, AZ
Specialty Centers
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
DTZ | 15
Statistical Overview (Q1-2015)
Midwest/Great Plains Region
DES MOINES, IA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
8,116,483
511,052
6.3%
6.2%
6.4%
(10,078)
36,623
31,000
130,000
$9.92
Power/Regional Centers
1,516,584
111,837
7.4%
7.4%
7.5%
-
1,155
-
-
$14.41
528,163
5,042
1.0%
1.0%
1.2%
-
1,246
-
-
$24.06
Strip
2,371,357
218,807
9.2%
9.3%
11.5%
2,640
53,687
-
-
$11.32
Malls
4,880,612
186,495
3.8%
3.8%
3.8%
6
6
-
-
$16.53
All Shopping Centers
17,413,199
1,033,233
5.9%
5.9%
6.3%
(7,432)
92,717
31,000
130,000
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
45,557,930
4,941,918
10.8%
10.3%
10.7%
(97,857)
730,119
951,514
35,500
$10.62
Power/Regional Centers
16,715,345
1,474,204
8.8%
8.8%
8.7%
(913)
27,608
49,850
237,000
$18.42
Specialty Centers
4,650,974
521,725
11.2%
11.1%
11.3%
27,953
37,449
38,910
-
$14.47
Strip
6,806,734
838,759
12.3%
13.1%
14.0%
55,331
113,594
10,000
-
$11.82
Malls
6,336,973
160,501
2.5%
2.5%
2.5%
-
(1,854)
-
-
$23.51
80,067,956
7,937,107
9.9%
9.3%
9.6%
(15,486)
906,916
1,050,274
272,500
Specialty Centers
KANSAS CITY, MO
All Shopping Centers
Current Qtr
MINNEAPOLIS/ST. PAUL, MN
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Historical Vacancy
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
42,048,266
3,825,647
9.1%
8.9%
7.4%
(103,389)
(646,356)
214,525
61,588
$13.11
15,438,177
835,510
5.4%
5.4%
4.9%
2,446
(60,393)
18,639
-
$14.09
Specialty Centers
3,453,229
155,750
4.5%
4.6%
5.1%
3,521
409,158
419,430
-
$20.30
Strip
11,714,496
1,231,774
10.5%
10.3%
10.9%
2,849
84,359
39,976
119,000
$13.69
Malls
11,753,648
220,903
1.9%
1.8%
2.0%
(13,694)
9,792
-
-
$14.45
All Shopping Centers
84,407,816
6,269,584
7.4%
6.6%
6.4%
(108,267)
(203,440)
692,570
180,588
OMAHA, NE
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
13,389,269
1,288,652
9.6%
9.1%
9.9%
(65,085)
164,965
135,170
-
$12.24
Power/Regional Centers
6,063,979
367,736
6.1%
6.0%
6.6%
(1,775)
52,414
21,000
30,500
$16.45
Specialty Centers
256,566
-
0.0%
0.0%
0.0%
-
-
-
-
Strip
3,919,499
378,071
9.6%
10.0%
10.2%
13,601
22,810
-
-
$11.33
Malls
3,725,811
310,791
8.3%
8.4%
8.5%
2,000
4,736
-
-
$14.00
All Shopping Centers
27,355,124
2,345,250
8.6%
7.5%
8.1%
(51,259)
244,925
156,170
30,500
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
47,406,051
4,406,532
9.3%
9.2%
9.7%
1,098
352,206
165,070
210,580
$11.52
Power/Regional Centers
14,402,099
334,435
2.3%
2.3%
3.0%
(8,731)
129,355
35,062
-
$10.57
Specialty Centers
4,367,802
1,476,782
33.8%
33.7%
36.9%
(2,800)
135,340
-
-
$9.12
Strip
9,421,120
1,113,086
11.8%
11.9%
12.4%
10,635
73,913
21,600
23,000
$12.80
Malls
9,088,268
521,943
5.7%
5.7%
5.9%
(6,597)
17,240
-
-
84,685,340
7,852,778
9.3%
9.2%
9.8%
(6,395)
708,054
221,732
233,580
ST. LOUIS, MO
All Shopping Centers
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
DTZ | 16
Statistical Overview (Q1-2015)
Midwest/Great Lakes Region
CHICAGO, IL
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
133,847,369
17,087,773
12.8%
12.8%
13.5%
80,262
1,612,374
718,604
531,679
$14.28
Power/Regional Centers
45,186,578
3,475,442
7.7%
7.5%
7.8%
(90,275)
69,926
12,500
10,500
$13.23
Specialty Centers
8,928,458
355,961
4.0%
4.0%
3.3%
(2,798)
88,323
153,895
541,000
$21.76
Strip
34,849,386
4,315,720
12.4%
12.3%
13.3%
(17,810)
376,835
55,428
5,460
$15.45
Malls
28,916,723
1,416,827
4.9%
4.9%
4.7%
(5,193)
(12,635)
40,000
76,172
$16.94
All Shopping Centers
251,728,514
26,651,723
10.6%
10.4%
10.8%
(35,814)
2,134,823
980,427
1,164,811
Historical Vacancy
Shopping Centers
CINCINNATI/DAYTON, OH
Current Qtr
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
49,611,176
6,198,767
12.5%
12.5%
13.4%
(18,271)
555,289
148,000
6,248
$9.41
Power/Regional Centers
15,813,741
1,160,034
7.3%
7.5%
7.9%
27,063
96,145
-
169,000
$15.91
Specialty Centers
4,604,142
210,350
4.6%
4.5%
4.6%
(3,198)
370
-
632,000
$10.12
Strip
9,638,400
1,076,500
11.2%
11.4%
12.6%
17,611
150,087
10,986
-
$13.10
Malls
10,914,567
977,899
9.0%
8.7%
8.9%
(26,950)
(8,079)
-
-
$4.78
All Shopping Centers
90,582,026
9,623,550
10.6%
10.3%
11.1%
(3,745)
793,812
158,986
807,248
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
60,018,928
7,270,311
12.1%
12.3%
12.8%
156,744
629,163
224,983
48,853
$9.88
Power/Regional Centers
25,163,293
1,994,239
7.9%
7.9%
8.5%
3,571
232,340
87,000
16,048
$10.08
CLEVELAND, OH
Current Qtr
Historical Vacancy
Last 12 Months
Specialty Centers
2,113,937
243,620
11.5%
11.7%
12.3%
3,500
17,446
-
-
$20.83
Strip
11,172,186
1,100,251
9.8%
9.6%
10.6%
6,532
113,546
36,466
13,412
$11.19
Malls
14,636,558
1,936,616
13.2%
13.3%
13.8%
9,600
79,198
-
-
$14.93
All Shopping Centers
113,104,902
12,545,037
11.1%
10.7%
11.2%
179,947
1,071,693
348,449
78,313
DETROIT, MI
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
73,697,346
10,300,310
14.0%
14.0%
14.1%
61,060
116,996
31,827
97,542
$11.62
Power/Regional Centers
24,805,579
1,687,665
6.8%
6.9%
7.6%
33,908
205,920
-
-
$12.77
Specialty Centers
4,961,871
323,289
6.5%
6.4%
5.0%
(5,929)
(76,763)
-
-
$17.34
Strip
20,083,121
2,650,987
13.2%
13.4%
14.6%
34,323
327,189
60,255
-
$13.15
Malls
19,210,895
1,693,605
8.8%
8.2%
8.1%
(115,900)
(77,896)
57,784
-
$6.92
All Shopping Centers
142,758,812
16,655,856
11.7%
11.0%
11.6%
7,462
495,446
149,866
97,542
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
33,690,998
3,736,250
11.1%
10.9%
11.4%
(43,347)
218,491
136,042
5,943
$11.03
Power/Regional Centers
14,593,475
1,322,007
9.1%
9.3%
9.6%
39,588
72,000
-
-
$16.86
Specialty Centers
1,804,255
33,591
1.9%
1.9%
1.8%
-
1,210
3,000
-
$25.08
Strip
7,233,685
750,149
10.4%
11.0%
11.0%
47,026
46,546
-
18,400
$13.97
Malls
8,432,920
392,986
4.7%
4.6%
5.5%
(5,027)
67,565
-
-
$25.00
All Shopping Centers
65,755,333
6,234,983
9.5%
9.4%
9.8%
38,240
405,812
139,042
24,343
INDIANAPOLIS, IN
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
DTZ | 17
Statistical Overview (Q1-2015)
Midwest Great Lakes Region
MILWAUKEE/MADISON, WI
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
37,536,021
3,788,255
10.1%
9.8%
10.5%
(104,573)
156,990
14,000
364,139
$10.39
Power/Regional Centers
8,779,071
569,777
6.5%
6.4%
7.1%
(8,934)
286,862
250,750
-
$7.69
Specialty Centers
2,627,445
97,643
3.7%
3.6%
3.4%
(2,080)
(8,393)
-
300,158
$21.01
Strip
7,985,448
842,167
10.5%
10.6%
10.6%
4,454
27,585
23,129
16,000
$13.88
Malls
7,810,102
1,083,871
13.9%
13.9%
14.0%
855
6,690
-
140,000
$9.00
64,738,087
6,381,713
9.9%
9.3%
9.8%
(110,278)
469,734
287,879
820,297
All Shopping Centers
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Texas/Panhandle/Lower Mississippi Delta Region
AUSTIN, TX
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
26,183,389
1,950,471
7.4%
7.9%
8.3%
132,229
326,730
71,104
47,664
$16.93
Power/Regional Centers
16,718,073
659,870
3.9%
3.9%
4.2%
(2,735)
84,156
45,047
18,000
$19.10
Specialty Centers
2,923,869
72,890
2.5%
2.4%
0.8%
(2,819)
(49,837)
-
-
$14.48
Strip
6,958,275
639,769
9.2%
9.3%
9.5%
10,154
46,220
27,175
-
$18.59
Malls
5,240,796
4,988
0.1%
0.1%
0.1%
-
-
-
-
58,024,402
3,327,988
5.7%
5.8%
5.9%
136,829
407,269
143,326
65,664
All Shopping Centers
DALLAS, TX
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
120,973,612
12,946,599
10.7%
10.9%
11.9%
453,877
2,087,830
700,805
650,821
$13.07
Power/Regional Centers
30,743,690
1,288,167
4.2%
4.2%
5.0%
33,979
292,925
34,416
4,500
$19.93
Specialty Centers
10,729,256
714,543
6.7%
6.8%
7.3%
29,478
182,817
118,535
-
$23.24
Strip
31,798,565
3,477,752
10.9%
10.8%
11.2%
33,756
413,425
345,569
90,374
$14.86
Malls
25,163,036
1,253,602
5.0%
5.0%
4.9%
-
(10,745)
-
-
$21.71
All Shopping Centers
219,408,159
19,680,663
9.0%
9.0%
9.7%
551,090
2,966,252
1,199,325
745,695
HOUSTON, TX
Shopping Centers
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
1,012,492
86,855
$14.57
-
405,000
$15.61
348,038
206,960
252,000
$24.46
52,855
597,387
189,521
23,320
$16.14
5.5%
-
(40,500)
2,000
-
$13.29
8.0%
346,224
2,757,197
1,410,973
767,175
Total GLA
Total SF Vac
Vac %
Vac %
Community/Neighborhood
120,242,054
10,052,706
8.4%
8.3%
8.9%
294,799
1,586,678
Power/Regional Centers
29,584,800
978,984
3.3%
3.3%
4.2%
(9,164)
265,594
Specialty Centers
8,029,525
627,399
7.8%
7.9%
9.8%
7,734
Strip
36,285,532
3,163,174
8.7%
8.7%
9.8%
Malls
20,742,762
1,175,957
5.7%
5.7%
All Shopping Centers
214,884,673
15,998,220
7.4%
7.3%
DTZ | 18
Statistical Overview (Q1-2015)
Texas/Panhandle/Lower Mississippi Delta Region
LITTLE ROCK, AR
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
11,347,652
914,499
8.1%
8.7%
8.5%
67,185
44,555
-
-
$9.80
Power/Regional Centers
4,898,862
154,219
3.1%
3.1%
3.1%
(4,452)
(3,652)
-
-
$14.97
644,913
76,536
11.9%
9.6%
7.2%
(14,366)
(30,078)
-
-
$21.62
Strip
3,735,458
209,021
5.6%
6.6%
7.6%
35,691
77,961
3,000
-
$14.55
Malls
-
-
0.0%
0.0%
0.0%
-
-
-
-
20,626,885
1,354,275
6.6%
6.9%
6.9%
84,058
88,786
3,000
-
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
17,496,337
1,725,341
9.9%
9.0%
9.3%
(56,938)
(6,408)
97,306
60,000
$12.92
Power/Regional Centers
4,195,594
129,466
3.1%
2.9%
2.8%
(7,670)
(11,980)
-
-
$31.22
Specialty Centers
1,627,907
95,739
5.9%
5.9%
5.5%
-
(6,780)
-
-
$15.24
Strip
3,479,090
443,830
12.8%
11.2%
11.4%
(52,545)
(37,262)
11,850
-
$15.45
Malls
3,859,701
100,369
2.6%
2.7%
3.1%
3,646
33,234
13,150
-
$21.00
30,658,629
2,494,745
8.1%
7.5%
7.3%
(113,507)
(29,196)
122,306
60,000
Specialty Centers
All Shopping Centers
NEW ORLEANS, LA
All Shopping Centers
Current Qtr
OKLAHOMA CITY, OK
Historical Vacancy
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
21,178,718
2,107,916
10.0%
10.1%
10.7%
45,178
245,662
105,850
6,239
$9.87
Power/Regional Centers
7,215,558
481,717
6.7%
6.8%
6.9%
8,495
14,724
-
-
$15.32
Specialty Centers
765,543
13,423
1.8%
2.1%
2.2%
2,743
22,082
19,092
-
$17.48
Strip
7,215,946
479,650
6.6%
6.5%
7.4%
(10,360)
75,155
24,200
16,000
$11.02
Malls
3,002,340
684,639
22.8%
22.8%
23.1%
-
10,000
-
-
$6.00
All Shopping Centers
39,378,105
3,767,345
9.6%
9.6%
10.1%
46,056
367,623
149,142
22,239
SAN ANTONIO, TX
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
34,874,729
2,964,672
8.5%
8.6%
9.0%
23,612
296,661
86,056
13,247
$13.76
Power/Regional Centers
12,013,812
605,460
5.0%
5.3%
5.7%
29,820
93,065
6,625
-
$21.02
Specialty Centers
2,087,439
103,786
5.0%
5.1%
7.0%
2,661
45,539
4,000
-
$18.51
Strip
9,506,123
848,933
8.9%
8.7%
9.3%
(13,101)
95,889
68,610
10,785
$15.03
Malls
6,105,710
41,280
0.7%
0.7%
0.8%
-
80,069
76,000
21,950
64,587,813
4,564,131
7.1%
6.9%
7.3%
42,992
611,223
241,291
45,982
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
18,961,962
2,015,348
10.6%
10.5%
10.9%
(24,438)
107,752
58,670
-
$9.47
Power/Regional Centers
4,502,006
271,327
6.0%
6.0%
4.9%
994
(52,779)
-
-
$9.36
791,362
85,724
10.8%
10.8%
9.7%
(6)
(8,948)
-
-
$15.19
Strip
5,880,885
396,211
6.7%
7.0%
7.8%
12,804
66,323
6,078
-
$11.30
Malls
2,252,918
35,310
1.6%
1.6%
1.6%
-
-
-
-
$29.00
All Shopping Centers
32,389,133
2,803,920
8.7%
7.9%
8.2%
(10,646)
112,348
64,748
-
All Shopping Centers
TULSA, OK
Specialty Centers
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
DTZ | 19
Statistical Overview (Q1-2015)
Southern U.S. Region
BIRMINGHAM, AL
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
22,459,671
3,120,102
13.9%
14.6%
14.8%
158,221
196,665
-
-
$7.92
Power/Regional Centers
9,898,299
868,380
8.8%
8.3%
10.0%
(50,831)
123,861
-
-
$16.55
Specialty Centers
1,362,278
190,160
14.0%
14.5%
16.5%
7,660
34,529
-
-
$11.99
Strip
5,337,714
324,633
6.1%
7.0%
7.9%
50,214
95,240
-
-
$11.71
Malls
2,827,755
87,004
3.1%
3.1%
3.1%
(95)
(95)
-
-
All Shopping Centers
41,885,717
4,590,279
11.0%
11.2%
11.6%
165,169
450,200
-
-
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
24,639,577
1,630,192
6.6%
7.3%
8.6%
168,235
487,746
-
-
$10.72
Power/Regional Centers
4,664,256
128,652
2.8%
2.6%
2.4%
(8,871)
(17,214)
-
6,250
$19.56
Specialty Centers
364,956
70,562
19.3%
19.3%
18.0%
-
(5,030)
-
-
$17.90
Strip
3,601,457
415,866
11.5%
11.4%
13.1%
(4,790)
55,931
-
-
$14.76
Malls
3,895,121
295,362
7.6%
7.6%
7.7%
-
4,562
-
-
$8.50
All Shopping Centers
37,165,367
2,540,634
6.8%
7.1%
8.1%
154,574
525,995
-
6,250
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
24,378,736
2,839,658
11.6%
11.9%
13.0%
61,297
320,504
-
-
$9.80
7,573,012
739,225
9.8%
8.6%
9.2%
(88,922)
83,437
136,602
-
$10.44
LOUISVILLE, KY
Current Qtr
MEMPHIS, TN
Power/Regional Centers
Historical Vacancy
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Specialty Centers
1,687,344
303,317
18.0%
17.8%
18.9%
(3,430)
15,631
-
310,000
$16.82
Strip
7,458,499
726,089
9.7%
9.7%
12.1%
(4,474)
177,409
-
-
$12.45
Malls
3,269,744
793,771
24.3%
24.3%
25.2%
-
29,112
-
-
$1.19
All Shopping Centers
44,367,335
5,402,060
12.2%
11.7%
12.9%
(35,529)
626,093
136,602
310,000
MOBILE, AL
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
9,264,473
1,120,060
12.1%
11.7%
10.6%
(35,514)
(133,892)
5,000
-
$10.16
Power/Regional Centers
1,656,655
124,468
7.5%
6.8%
7.2%
(12,404)
(5,328)
-
-
$22.50
Specialty Centers
1,777,656
358,094
20.1%
20.1%
22.9%
-
49,369
-
-
$15.74
Strip
2,563,750
208,016
8.1%
7.8%
8.0%
(7,198)
(2,186)
-
-
$10.52
Malls
2,283,955
101,971
4.5%
4.2%
4.2%
(5,000)
(5,000)
-
-
All Shopping Centers
17,546,489
1,912,609
10.9%
9.7%
9.4%
(60,116)
(97,037)
5,000
-
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
30,092,867
2,827,503
9.4%
9.4%
9.8%
63,483
286,556
186,200
-
$12.87
Power/Regional Centers
9,560,196
967,055
10.1%
10.2%
9.8%
6,827
(31,747)
-
-
$17.51
Specialty Centers
1,453,420
31,386
2.2%
1.9%
11.5%
(3,286)
135,895
-
-
$15.98
Strip
5,806,398
482,262
8.3%
8.2%
9.8%
(4,995)
87,802
-
-
$15.35
Malls
6,239,526
746,546
12.0%
11.7%
11.8%
(17,111)
(11,414)
-
-
$24.00
All Shopping Centers
53,152,407
5,054,752
9.5%
9.3%
9.8%
44,918
467,092
186,200
-
NASHVILLE, TN
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
DTZ | 20
Statistical Overview (Q1-2015)
Southeast Region
ATLANTA, GA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
115,794,897
14,759,290
12.7%
12.7%
13.5%
(54,414)
1,134,852
238,268
183,762
$11.83
Power/Regional Centers
34,351,813
1,950,426
5.7%
5.8%
5.7%
47,772
(5,535)
72,640
-
$12.20
Specialty Centers
9,760,224
691,180
7.1%
6.1%
7.5%
(96,141)
385,070
375,691
-
$11.24
Strip
34,212,917
4,269,321
12.5%
12.9%
13.9%
139,960
509,331
14,689
55,355
$12.98
Malls
18,226,420
932,749
5.1%
5.0%
5.1%
(22,118)
(5,813)
-
-
$20.05
All Shopping Centers
212,346,271
22,602,966
10.6%
10.4%
11.1%
15,059
2,017,905
701,288
239,117
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
13,162,327
1,190,977
9.0%
9.3%
9.9%
34,017
111,973
4,000
65,800
$15.23
Power/Regional Centers
2,445,892
86,772
3.5%
3.4%
4.4%
14,997
48,310
28,225
-
$22.25
Specialty Centers
1,012,980
18,247
1.8%
1.8%
1.3%
-
(4,579)
-
-
$35.70
Strip
2,973,846
282,925
9.5%
9.3%
9.5%
(6,103)
(1,515)
-
-
$14.68
Malls
2,101,239
19,448
0.9%
0.9%
0.6%
(133)
(7,256)
-
-
21,696,284
1,598,369
7.4%
7.1%
7.4%
42,778
146,933
32,225
65,800
Shopping Centers
CHARLESTON, SC
All Shopping Centers
Current Qtr
CHARLOTTE, NC
Historical Vacancy
Current Qtr
Shopping Centers
Total GLA
Total SF Vac
Historical Vacancy
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
47,351,456
4,540,690
9.6%
9.7%
11.2%
122,872
1,161,292
470,884
149,892
$12.63
Power/Regional Centers
17,255,525
960,571
5.6%
5.6%
6.6%
6,967
206,010
22,500
-
$15.78
Specialty Centers
3,723,105
295,293
7.9%
8.5%
12.1%
21,538
156,891
-
-
$12.39
Strip
9,154,215
910,932
10.0%
10.1%
10.6%
35,761
99,186
39,751
13,858
$14.07
Malls
6,994,971
85,700
1.2%
1.2%
1.5%
-
20,000
-
5,326
$38.19
84,479,272
6,793,186
8.0%
7.9%
9.1%
187,138
1,643,379
533,135
169,076
All Shopping Centers
HAMPTON ROADS, VA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
35,574,574
3,003,097
8.4%
8.4%
9.0%
50,598
749,270
609,509
89,350
$12.01
Power/Regional Centers
11,842,720
318,146
2.7%
2.5%
2.8%
(17,807)
18,865
-
-
$17.88
Specialty Centers
1,697,255
131,658
7.8%
7.5%
7.8%
3,183
7,840
7,800
188,499
$21.29
Strip
6,937,268
620,859
8.9%
8.8%
10.2%
(7,641)
102,677
21,000
-
$14.55
Malls
4,220,135
363,578
8.6%
8.7%
8.8%
2,619
6,617
-
-
$21.39
All Shopping Centers
60,271,952
4,437,338
7.4%
6.9%
7.4%
30,952
885,269
638,309
277,849
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
31,944,716
3,323,689
10.4%
11.0%
12.0%
366,291
706,150
225,343
39,053
$12.68
Power/Regional Centers
4,820,905
341,250
7.1%
7.7%
9.4%
31,570
121,358
12,500
-
$14.85
Specialty Centers
1,375,635
101,511
7.4%
7.8%
6.7%
5,387
(9,675)
-
-
$14.86
Strip
7,433,299
814,929
11.0%
11.7%
11.8%
52,787
60,155
-
-
$14.09
Malls
4,880,719
180,967
3.7%
3.7%
4.0%
-
131,827
124,000
-
$17.89
All Shopping Centers
50,455,274
4,762,346
9.4%
9.6%
10.4%
456,035
1,009,815
361,843
39,053
JACKSONVILLE, FL
Current Qtr
Historical Vacancy
Last 12 Months
DTZ | 21
Statistical Overview (Q1-2015)
Southeast Region
MIAMI, FL
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
105,245,290
7,856,337
7.5%
7.6%
8.1%
188,342
1,352,004
727,313
112,236
$19.67
Power/Regional Centers
18,451,732
1,150,877
6.2%
6.0%
6.0%
(42,283)
(28,000)
9,308
555,000
$22.64
Specialty Centers
7,577,506
681,289
9.0%
6.1%
7.3%
(95,256)
407,726
575,198
223,123
$27.50
Strip
25,546,354
1,701,649
6.7%
6.4%
6.8%
(67,123)
43,518
16,324
26,457
$21.20
Malls
22,452,323
409,990
1.8%
1.8%
1.9%
(13,791)
11,139
-
-
$56.96
All Shopping Centers
179,273,205
11,800,142
6.6%
6.4%
6.8%
(30,111)
1,786,387
1,328,143
916,816
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
54,743,478
5,488,944
10.0%
10.5%
11.3%
240,042
846,612
145,822
5,900
$13.40
Power/Regional Centers
14,109,403
776,636
5.5%
5.6%
5.5%
299,274
297,068
312,580
55,329
$15.03
Specialty Centers
6,359,067
239,162
3.8%
3.7%
4.7%
55,213
148,255
92,019
350,000
$19.84
Strip
11,721,752
1,374,657
11.7%
12.2%
13.0%
64,358
446,460
290,580
17,590
$15.01
Malls
11,514,263
413,623
3.6%
4.9%
4.0%
150,183
48,085
-
-
$11.17
All Shopping Centers
98,447,963
8,293,022
8.4%
8.8%
9.3%
809,070
1,786,480
841,001
428,819
Shopping Centers
Community/Neighborhood
ORLANDO, FL
Current Qtr
RALEIGH/DURHAM, NC
Historical Vacancy
Current Qtr
Shopping Centers
Total GLA
Total SF Vac
Historical Vacancy
Vac %
Vac %
Prior Yr
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
34,841,848
2,664,076
7.6%
7.8%
9.1%
54,312
515,383
16,499
14,500
$14.02
Power/Regional Centers
11,933,704
582,039
4.9%
4.7%
5.2%
(21,186)
39,495
-
-
$16.52
Specialty Centers
3,144,059
91,266
2.9%
2.2%
5.0%
(6,385)
219,867
163,423
124,899
$14.28
Strip
3,627,296
443,295
12.2%
11.7%
12.2%
(19,198)
2,545
4,706
-
$16.26
Malls
7,568,597
45,279
0.6%
1.0%
1.5%
32,812
71,935
-
-
All Shopping Centers
61,115,504
3,825,955
6.3%
6.2%
7.3%
40,355
849,225
184,628
139,399
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
26,538,160
2,498,654
9.4%
9.9%
10.5%
176,109
599,775
340,764
-
$13.33
7,817,099
284,576
3.6%
3.6%
4.1%
(671)
82,153
44,153
-
$19.42
54,528
-
0.0%
0.0%
0.0%
-
-
-
-
Strip
4,205,209
414,646
9.9%
10.1%
10.9%
11,492
42,255
-
-
Malls
4,166,293
52,716
1.3%
1.3%
1.3%
-
-
-
-
All Shopping Centers
42,781,289
3,250,592
7.6%
7.4%
8.2%
186,930
724,183
384,917
-
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
73,891,359
7,229,059
9.8%
9.9%
10.6%
231,175
706,097
127,481
76,500
$12.89
Power/Regional Centers
14,261,399
763,489
5.4%
5.4%
6.2%
5,855
344,511
238,422
260,400
$17.67
Specialty Centers
2,051,086
113,027
5.5%
5.5%
6.2%
276
14,622
-
-
$28.95
Strip
19,164,541
1,761,201
9.2%
9.0%
9.9%
(44,098)
148,276
14,900
-
$14.23
Malls
12,948,288
237,027
1.8%
1.8%
2.8%
(8,470)
976,035
880,000
-
$30.76
All Shopping Centers
122,316,673
10,103,803
8.3%
8.0%
8.9%
184,738
2,189,541
1,260,803
336,900
RICHMOND, VA
Power/Regional Centers
Specialty Centers
Current Qtr
TAMPA, FL
Historical Vacancy
Current Qtr
Historical Vacancy
Last 12 Months
Last 12 Months
$15.27
DTZ | 22
Statistical Overview (Q1-2015)
Northeast Region
BALTIMORE, MD
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
41,616,382
2,833,819
6.8%
6.8%
7.2%
4,689
260,885
79,725
55,200
$18.46
Power/Regional Centers
15,337,306
543,411
3.5%
3.4%
3.3%
(20,662)
(33,155)
-
-
$30.06
Specialty Centers
2,341,024
171,189
7.3%
7.2%
7.9%
(3,385)
14,155
-
-
$16.32
Strip
6,251,005
451,347
7.2%
7.8%
7.9%
39,315
83,316
45,629
-
$18.31
Malls
12,556,787
822,176
6.5%
6.5%
6.3%
(9,022)
(25,541)
-
-
$19.72
All Shopping Centers
78,102,504
4,821,942
6.2%
5.9%
6.1%
10,935
299,660
125,354
55,200
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
74,202,940
4,508,693
6.1%
5.8%
5.9%
(149,343)
346,458
455,115
557,070
$18.67
Power/Regional Centers
26,773,373
846,512
3.2%
3.2%
3.1%
19,914
535,839
440,787
116,250
$13.11
Specialty Centers
4,495,294
168,159
3.7%
4.2%
3.5%
500,880
484,200
500,000
120,000
$25.00
Strip
15,860,551
982,681
6.2%
6.3%
7.3%
40,970
253,668
76,489
36,150
$16.99
Malls
17,264,011
416,064
2.4%
2.4%
2.6%
-
38,454
-
-
138,596,169
6,922,109
6.2%
4.5%
4.8%
412,421
1,658,619
1,472,391
829,470
BOSTON, MA
All Shopping Centers
Current Qtr
NEW YORK CITY METRO*
Historical Vacancy
Current Qtr
Historical Vacancy
Last 12 Months
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
87,704,436
4,883,325
5.6%
5.5%
5.2%
(26,901)
(261,416)
98,646
701,699
$20.49
Power/Regional Centers
22,539,533
949,693
4.2%
4.2%
2.9%
3,146
626,379
942,000
335,000
$30.73
Specialty Centers
5,288,825
468,030
8.8%
8.7%
8.6%
(5,320)
(12,773)
-
-
$23.97
Strip
19,026,100
1,413,758
7.4%
7.3%
7.9%
(28,518)
88,233
-
-
$24.11
Malls
27,993,529
354,609
1.3%
1.3%
1.3%
-
4,544
-
-
$22.56
All Shopping Centers
162,552,423
8,069,415
5.0%
4.8%
4.5%
(57,593)
444,967
1,040,646
1,036,699
NORTHERN NEW JERSEY
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
81,891,260
6,548,314
8.0%
7.9%
8.7%
(28,898)
882,249
339,231
468,970
$19.29
Power/Regional Centers
35,330,402
1,450,422
4.1%
3.8%
4.3%
(108,308)
270,022
223,993
425,000
$22.51
Specialty Centers
3,929,785
119,340
3.0%
3.3%
2.2%
8,986
(25,855)
-
-
$21.76
Strip
16,411,329
1,613,191
9.8%
9.8%
10.4%
10,396
160,686
76,974
6,400
$20.45
Malls
26,118,010
505,846
1.9%
1.9%
1.9%
(11,467)
(11,527)
-
2,839,000
$57.75
163,680,786
10,237,113
6.3%
6.0%
6.5%
(129,291)
1,275,575
640,198
3,739,370
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
141,720,989
13,354,747
9.4%
9.3%
9.5%
(179,349)
262,621
226,145
87,929
$13.71
Power/Regional Centers
59,903,441
3,926,315
6.6%
6.2%
6.2%
(195,274)
(225,981)
-
-
$13.06
Specialty Centers
8,518,207
319,427
3.7%
3.1%
3.0%
(51,587)
(56,961)
7,000
184,520
$18.46
Strip
20,394,809
1,852,990
9.1%
8.9%
9.4%
328
184,545
126,083
50,757
$14.61
Malls
27,963,217
979,969
3.5%
3.7%
3.6%
43,631
26,823
-
-
$19.63
258,500,663
20,433,448
7.9%
7.6%
7.7%
(382,251)
191,047
359,228
323,206
All Shopping Centers
PHILADELPHIA
Shopping Centers
All Shopping Centers
Current Qtr
* includes New York City, Long Island and Southern CT
Historical Vacancy
Last 12 Months
DTZ | 23
Statistical Overview (Q1-2015)
Northeast Region
PITTSBURGH, PA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
29,966,198
1,493,025
5.0%
5.0%
5.5%
(8,668)
166,408
16,560
286,000
$11.34
Power/Regional Centers
17,412,631
666,079
3.8%
3.8%
4.4%
1,863
453,912
370,161
-
$16.52
Specialty Centers
2,640,650
95,432
3.6%
3.6%
3.7%
-
2,973
-
-
Strip
4,757,043
363,107
7.6%
7.8%
7.7%
6,644
2,978
-
-
$15.19
Malls
11,870,674
345,908
2.9%
2.8%
3.1%
(11,513)
21,377
-
-
$12.36
All Shopping Centers
66,647,196
2,963,551
4.4%
4.4%
4.8%
(11,674)
647,648
386,721
286,000
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
93,462,128
6,220,630
6.7%
6.8%
7.0%
241,348
1,006,852
718,175
395,720
$20.11
WASHINGTON, DC
Current Qtr
Historical Vacancy
Last 12 Months
Power/Regional Centers
37,236,742
1,741,662
4.7%
4.5%
4.4%
(80,072)
5,402
126,082
312,979
$20.37
Specialty Centers
10,394,979
409,819
3.9%
3.7%
3.9%
(24,951)
143,848
152,408
180,000
$31.26
Strip
12,672,522
914,414
7.2%
7.3%
7.7%
5,361
69,163
12,724
-
$20.21
Malls
25,877,080
375,110
1.4%
1.4%
1.6%
(19,660)
110,192
66,000
-
$16.00
All Shopping Centers
179,643,451
9,661,635
5.4%
5.2%
5.4%
122,026
1,335,457
1,075,389
888,699
DTZ | 24
Methodology
Disclaimer
This report and other research
materials may be found on our website
at www.dtz.com. This is a research
document of DTZ in Washington,
DC. Questions related to information
herein should be directed to the
Research Department at
+1 202 463 2100. Information
contained herein has been obtained
from sources deemed reliable and
no representation is made as to the
accuracy thereof.
DTZ’s quarterly estimates are derived from a variety of data sources, including its
own proprietary sample of market activity, historical inventory data from Bureau of
Labor Statistics Employment data, CoStar and other third party data sources. The
market statistics are calculated from a base building inventory made up of shopping
center properties deemed to be competitive in the local retail markets. The inventory
is subject to revisions due to resampling. Vacant space is defined as space that is
available immediately or three months (90 days) after the end of the quarter. Sublet
space still occupied by the tenant is not counted as available space.
The figures provided for the current quarter are preliminary, and all information
contained in the report is subject to correction of errors and revisions based on
additional data received.
Explanation of Terms
Total Inventory: The total amount of retail space within a shopping center.
Total Space Available: The sums of new, relet and sublet space that is unoccupied
and being actively marketed.
Vacancy Rate: The amount of unoccupied space (new, relet and sublet) expressed as
a percentage of total inventory.
Absorption: The net change in occupied space between two points in time. (Total
occupied space in the present quarter minus. total occupied space from the previous
quarter, quoted on a net, not gross, basis.)
Asking Rents: Triple net average asking rents.
Regional Map
Pacific
Mountain
Great Plains
Midwest Great Lakes
Texas/Panhandle/Lower Mississippi Delta
South
Southeast
Northeast
DTZ | 25
About DTZ
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