According to CoStar’s historical data (which excludes some markets that are included in its current data set), total market rents fell 4 cents to $15.48 per square foot in the first quarter. Rents peaked in the third quarter of 2008 at $17.51 per square foot.
Rents rose, however, for malls, power centers and specialty centers during the first quarter from the fourth quarter of 2010. For malls, rents rose from $19.28 per square foot to $19.69 per square foot. For power centers, rents rose from $17.69 per square foot to $18.21 per square foot and for specialty centers rents rose from $18.36 per square foot to $18.53 per square foot.
The peaks for those respective property types were $23.24 per square foot for malls in the fourth quarter of 2007, $20.57 per square foot for power centers in the second quarter of 2008 and $22.98 per square foot for specialty centers in the third quarter of 2009.
Source: CoStar Property