Learn who we are and how we serve our community
Meet our leaders, trustees and team
Developing the next generation of talent
Covering the latest news and trends in the marketplaces industry
Check out wide-ranging resources that educate and inspire
Learn about the governmental initiatives we support
Connect with other professionals at a local, regional or national event
Find webinars from industry experts on the latest topics and trends
Grow your skills online, in a class or at an event with expert guidance
Access our Member Directory and connect with colleagues
Get recommended matches for new business partners
Find tools to support your education and professional development
Learn about how to join ICSC and the benefits of membership
Stay connected with ICSC and continue to receive membership benefits
U.S. shopping center total operating income rose by 2.6 percent last year over 2016, reports ICSC Research, citing data from the National Council of Real Estate Investment Fiduciaries (NCREIF). Net operating income (NOI) — which took into account a 3.8 percent increase in operating expenses last year — rose by 2.1 percent.
Occupancy rates also remained strong last year, standing at 93.1 percent in the fourth quarter. These NOI and occupancy statistics contradict a narrative of shopping center decline amid frequent media reports about store closures, says Jean Lambert, vice president of ICSC Research.
“Less attention has been focused in the media on the new tenants that have replaced those that have closed,” said Lambert. “These numbers demonstrate that not only are shopping centers attracting new retailers, but they are a strong magnet for food-and-beverage and entertainment tenants and a range of other concepts.”
Nationally, nonretail and non-food-and-beverage tenants occupied 22.4 percent of total shopping center gross leasable area last year, according to CoStar Realty Information Inc., (www.costar.com).
“These numbers demonstrate that not only are shopping centers attracting new retailers, but they are a strong magnet for food-and-beverage and entertainment tenants and a range of other concepts”
Nationally, nonretail and non-food-and-beverage tenants occupied 22.4 percent of total shopping center gross leasable area last year, according to CoStar Realty Information (www.costar.com).
Broken down by shopping center type, NOI in 2017 was up by 13 percent at regional malls, up by 1.8 percent at power centers, up by 1.5 percent at neighborhood centers and up by 1.2 percent at super-regional malls and community centers. In the fourth quarter alone, NOI at regional malls increased by 9.7 percent, and community center NOI growth leaped by 6 percent.
The full report may be viewed here.
By Edmund Mander
Director, Editor-In-Chief/SCT
