Magazine article Journal of Property Management

JPM News

Magazine article Journal of Property Management

JPM News

Article excerpt

Community centers big earners

Although they may not be as flashy as the superregionals, community centers outperformed malls in 1994, according to the thirteenth edition of Dollars and Cents of Shopping Centers(R): 1995. The survey reports that the community centers' net operating balances are up about 15 percent, equalling malls on sales per square foot. Among reasons cited for the strong performance of community centers are convenience, location, and the presence of warehouse clubs and category killer anchors at these properties.

The report also showed soaring vacancy rates in superregional and especially regional malls, reaching 7 percent in superregionals and 14 percent in regional malls. In part, the report attributed this rise to the rapid growth of space supply and to the growing appeal of community centers and big box retailers.

New niche for apartments

Although the traditional young adult renter pool is declining, there is an underserved group that may offer a new market for apartments--single adults 35 to 54, says Michael Carliner, senior vice president, Economics Department, National Association of Home Builders.

Speaking at the recent Multi Housing World conference, Carliner explained that although the number of people in this group is relatively small--207,000-it is one of the fastest growing segments of rental demand.

"The temptation is to focus on the much larger number of people in this age range who are married couples," said Carliner, "but the overwhelming majority of couples live in owned housing, as do half of the single adults in this group."

Carliner also cautioned about assuming that the 35 to 54 group needed only high-end housing. "There are certainly some exceptions, but generally single heads of households do not have incomes as high as couples," he noted.

Another potential source of new apartment renters that Carliner explored in his presentation was the pent-up demand from those who had not formed new households between 1989 and 1994. …

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