A lead news article entitled “Shopping Center vacancies low here” and subtitled “Below national averages. Perhaps county was ‘understored'” reports:
Earlier this month the real estate company Reis Inc. announced that vacancy rates at shopping malls and strip centers nationwide were at historic highs. Strip centers saw vacancy rates of 11 percent in the third quarter, unchanged from the second quarter but still hovering around a 21-year high. Shopping mall vacancies rose to 9.4 percent, the highest since 2000, when Reis began tracking them.
“Here in Lancaster County, things are different …”
WATCHDOG: One of the saving graces for the City of Lancaster and the region is the continued high occupancy at Park City. However, if another major shopping center such as Red Rose causes it to reach the tipping point, tenants will exit and the ‘second downtown’ will cease to generate vast taxes for the City and School District of Lancaster and a sparsely occupied mall will become a huge social and criminal justice problem.
Perhaps the Sunday News should have published a disclaimer concerning how the publisher and the shopping center applicant for “The Crossing” , The High Group, are partners in Penn Square Partners. We are not questioning the editor’s integrity, but note the potential conflict of interests.
