The Institute of Real Estate Management (IREM), an international community of real estate managers, collected the national median income for open shopping centers based on average actual occupancy (AAO). The findings range from $15.28/SF to $25.45/SF. The Northeast and Mid-Atlantic regions reported the highest income/SF for open centers.
The individual expense categories represent open shopping centers by proportion of total operating cost based on AAO. Insurance and taxes accounted for 45% of total operating costs; services consumed 14.2%; maintenance and repair and utilities accounted for 8% and 8.7%, respectively.
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