Shopping center growth in the U.S. slowed to a crawl last year, according to new figures compiled for the International Council of Shopping Centers.
Though 259 centers were added in 2010, bringing the U.S. total to 108,000, the increase was just 0.2% -- the smallest since 1971, the earliest year for which consistent data exist, according to the CoStar Group, a leading provider of commercial real estate information and analytical services.
And that sluggish growth rate has continued through the first four months of this year, when CoStar counted only 50 new centers.
"This slow industry expansion is still part of an adjustment process from the aftermath of the 2007-2009 recession," commented Michael P. Niemira, vice president, director of research and chief economist for ICSC.
At the same time, the ICSC economist predicted that as the economy continues to grow, expansion will improve, occupancy rates will rise and the shopping center business will return to profitability.
According to CoStar's tally, 107,823 centers with 7.33 million square feet of leasable space now dot the American countryside. That's a 46% share of the nation's total retail space.
