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From the WSJ: Shopping-Center Malaise

Vacancies at shopping centers in the top 77 U.S. markets increased to 10.8% in the first quarter ... according to Reis.



It is the highest vacancy rate since 1991, when vacancies reached 11%.

Vacancy rates at malls in the top 77 U.S. markets rose to 8.9% in the January-to-March period ...

"The stress might be lessening and rent declines might be moderating," said Reis director of research Victor Calanog. "But we don't see positive rent growth resuming until the middle of next year at the earliest, just because of the typical lag."

This is up from 10.6% in Q4 2009 and 9.5% in Q1 2009.The 8.9% is the highest since Reis began tracking regional malls in 2000. Lease rates fell for the seventh consecutive quarter.