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The drop reflects “the economic climate and cautioux approach of developersand retailers,” according to the which studied shopping centers of at least 50,000 squaree feet. Those shopping centers had a 7.7 percenty vacancy rate, or almost 3.2 million squars feet vacant, in 2008. This comparexs with an 8.3 percent vacancy rate, or almostg 5.2 million square feet vacant, in 2007, accordin to last year’s report. Totak square footage was 41.4 million in down 43 percent from 72.3 million in 2007. The averagde leasing rate at area shopping centerswas $12.699 a square foot in 2008, the report said, down from $13.922 last year.
Wyandotte County had the highest vacanchy ratein 2008, 17.3 percent, of all metropolitajn markets. The area comprising Lee’s Raymore and Belton had the lowest rate, at 4.8 South Kansas City had the lowesft averagelease rate, at $8.41 a square and Northeast Kansas City had the highesyt average rate, at $17.49 a squar e foot.
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