1. Westchester County, N.Y. – $36.02 per sq. ft.
In spite of having one of the highest vacancy rates on our list, at 8.4 percent, Westchester County, N.Y. tops the list of markets with highest shopping center rents, at $36.02 per sq. ft. The figure represents an increase of 1.4 percent from the second quarter of 2012.
2. San Francisco – $33.06 per sq. ft.
Not surprisingly, economic powerhouse San Francisco made the top 10 this year, with average rents of $33.06 per sq. ft., representing an uptick of 0.8 percent from last year. Retail vacancy in the city currently stands at just 3.9 percent.
3. San Jose – $31.22 per sq. ft.
Another California outperformer, San Jose, experienced rent growth of 1.7 percent over the past year, ending the second quarter with retail rents of $31.22 per sq. ft. Retail vacancies in San Jose average 6 percent.
4. Orange County, Calif. – $31.15 per sq. ft.
Orange County, Calif., once a trouble spot, has also been recovering quite well. Retail rents in the area currently average $31.15 per sq. ft., an increase of 1.9 percent from a year ago. Vacancy is quite low as well, at 5.5 percent.
5. Los Angeles – $29.40 per sq. ft.
In Los Angeles, retail rents reached $29.40 per sq. ft. in the second quarter, up 1.3 percent from the second quarter of 2012. The city boasts a 6 percent retail vacancy rate.
6. Ventura County, Calif. – $28.63 per sq. ft.
Like Westchester County, Ventura County in California is experiencing rent growth even though its vacancy is pretty close to the national average, at 9 percent. Retail rents in the county stand at $28.63 percent—up 0.5 percent year-over-year.
7. San Diego – $28.58 per sq. ft.
San Diego experienced rent growth of 0.8 percent between 2012 and 2013, to $28.58 per sq. ft. The city reported retail vacancy of 6.2 percent.
8. Fairfield County, Conn. – $28.20 per sq. ft.
Fairfield County, Conn. recorded one of the lowest vacancy rates in the country at just 4 percent. Not surprisingly, retail rents in the area rose 1 percent from 2012, to $28.20 per sq. ft.
9. Northern New Jersey – $28.03 per sq. ft.
Northern New Jersey also benefits from a tight supply market, with vacancy at 5.7 percent. Retail rents in the Northern part of the state currently average $28.03 per sq. ft., an uptick of 0.8 percent from a year ago.
10. Oakland – East Bay, Calif. – $27.99 per sq. ft.
The Oakland-East Bay area in California rounds out the list. Rents in the Oakland region rose just 0.2 percent year-over-year, but they still reached $27.99 per sq. ft. while vacancy averaged 6.4 percent.
