US retail vacancies at 10.2 pct in third quarter - Report

U.S. retail vacancies were 10.2 percent in the third quarter, with the mall vacancy rate jumping to 9.1 percent.

A number of Sears Holdings and Bon-Ton store closures boosted mall vacancy rates, according to a report from the real estate research firm Reis.

The mall vacancy rate was 8.3 percent a year earlier.

Reis said the retail sector is still correcting and the growth of e-commerce has rendered a number of older retailers obsolete.

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Only 28 of 77 metros saw an increase in vacancy in the quarter, according to the report.

The national average asking rents, as well as the effective rent rose about 2 percent.

Only 2.3 million square feet of new construction was completed in the quarter, a 27.9 percent drop, according to the report.