US retail vacancies at 10.2 pct in third quarter - Report

U.S. retail vacancies were 10.2 percent in the third quarter, with the mall vacancy rate jumping to 9.1 percent.

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A number of Sears Holdings and Bon-Ton store closures boosted mall vacancy rates, according to a report from the real estate research firm Reis.

The mall vacancy rate was 8.3 percent a year earlier.

Reis said the retail sector is still correcting and the growth of e-commerce has rendered a number of older retailers obsolete.

Only 28 of 77 metros saw an increase in vacancy in the quarter, according to the report.

The national average asking rents, as well as the effective rent rose about 2 percent.

Only 2.3 million square feet of new construction was completed in the quarter, a 27.9 percent drop, according to the report.