Base rents for the industry as a whole rose 0.7 percent over the same period last year, marking the 27th consecutive quarter of increases, according to metrics provided by the National Council of Real Estate Investment Fiduciaries (NCREIF). Occupancy rose to 93.1 percent across the industry, up from 92.8 percent in the second quarter. Net operating income declined year-over-year by 0.4 percent, ending a 26-quarter streak.

Broken down by property type, open-air centers’ (aggregating neighborhood, community and power centers) year-over-year base rents increased 1.3 percent to $4.50 per square foot, occupancy rose to 93.2 percent (from 92.9 percent in the second quarter) and NOI grew by 0.5 percent to $4.13 per square foot over 3Q-2017.

Mall occupancy rose slightly to 92.6 percent (from 92.2 percent in 2Q), while year-over-year base rents declined 0.9 percent to $7.08 per square foot, and NOI declined 2.7 percent from the year before, to $7.78 per square foot. Despite their slight drop, however, overall base rents are still 1 percent higher year-to-date compared to the same period in 2017.

Data were collected from about 1,000 retail center properties and “suggest that the shopping center industry remains sturdy,” the report said. “Though NOI declined slightly, base rents extended their gains and overall, occupancy rates increased." The full report may be seen here.

The report reflects a similarly positive picture of the retail real estate industry painted by CBRE last month.