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Asking and effective rents rose in the most recent quarter,
while rent growth rate was largely unchanged from the third at
0.4 percent, Reis said.
"In short, the fourth-quarter statistics show that the growth in
e-commerce that has led to scores of store closures across the
U.S. is truly starting to impact many retail property markets in
a meaningful way," said Barbara Denham, senior economist at
Reis.
The national vacancy rate for neighborhood and community
shopping centers was also flat from the preceding quarter, at
9.9 percent.
Construction activity, however, decelerated with 2.05 million
square feet of new neighborhood and community center space
completed, the lowest level in the past six quarters.
Net absorption, which is measured in terms of available retail
space sold in the market during a certain time period, more than
doubled from the third quarter to 3.25 million square feet.
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Sriraj
Kalluvila)
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