CoStar’s data shows that while rents in the total market continued to fall in the first quarter of 2011, some sectors have started to post increases.
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