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Article: Shopping centers study: cut costs to survive.(International Council of Shopping Centers survey on operating expenses in 1994)(Brief Article)
- Article from:
- HFN The Weekly Newspaper for the Home Furnishing Network
- Article date:
- February 5, 1996
CopyrightCOPYRIGHT 1996 MacFadden Communications Group LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--Cost-cutting by the nation's malls may help them weather the shaky health of the retail real estate market, according to a study published by the International Council of Shopping Centers (ICSC).
Median operating expenses at shopping centers in the United States rose 2 percent between 1992 and 1994, while inflation was pegged at 5.4 percent, according to the study.
At enclosed malls, median expenses were $11.06 per square foot of center-owned gross leasable area in 1994. At strip centers, the median was $2.27 per square foot. According to the ICSC, the increase for malls represents the smallest two-year increment since the organization ...