Vacant Shopping Centers

By BLOOMBERG NEWS and the New York Times are reporting that vacancies at community and neighborhood shopping centers in the United States rose in the first quarter to the highest level in more than a decade, and rent growth was the lowest since the last recession, the research firm Reis reported on Friday.

The average vacancy rate rose to 7.7 percent from 7.1 percent a year earlier. It was the highest since 1996, the real-estate researcher said. Demand for retail space is being hurt by a drop in home prices and sales, rising food and gasoline costs, and job cuts, Reis said. (BLOOMBERG NEWS)