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Shopping Center Income Down, Expenses Up, Occupancy Levels Stable in 2011, New IREM Study Reports
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Insurance and Taxes Claim 44.4 Percent of Total Costs


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Editor’s Note: Review copies and graphs and charts available to media on request; contact Sharon Peters (312-329-6067), For regional and metropolitan breakout information, contact Matt O’Hara (312-329-6025),

General Information:
2012 Income/Expense Analysis: Conventional Apartments, Institute of Real Estate Management, 232 pages, soft cover, charts/graphs; IREM Member price is $229.95 and non-member price is $459.95 (plus shipping and tax). In addition to the traditional printed format, the new 2012 Edition is available for purchase online at The data is easily downloadable in both Excel and PDF file formats, and is completely customizable in Excel. As a special incentive, purchasers of the report in print format can also receive it in downloadable Excel file and PDF format for just an additional $99.99.

CHICAGO, IL, July 26, 2012 –Median income for open shopping centers across the country in 2011, based on average actual occupancy (AAO), decreased to $15.31 per square foot from $15.79 the prior year. In contrast, open center operating costs increased to $4.95 per square foot from $4.88 in 2010.

These are among the key findings reported in the 2012 edition of the Income/Expense Analysis: Shopping Centers, a new benchmarking study published by the Institute of Real Estate Management (IREM). Conducted by IREM since 1991, this annual study analyzes the previous year’s operating data for 487 open shopping centers throughout the United States. It is designed to provide real estate professionals and investors with current financial data for evaluating the performance of their properties and for preparing appraisals, budgets, loan requests and sales proposals.


  • Broken out regionally, median income for open centers in 2011 ranged from $13.90 to $20.46 per square foot versus a range of from $13.48 to $23.12 per square foot in 2010. The Northeast and Mid-Atlantic regions reported the highest income per square foot at $20.46.
  • Regional results also revealed that the Southeast had the lowest median operating cost for open centers last year at $3.66 per square foot, whereas the Northeast and Mid-Atlantic regions had the highest at $7.27 per square foot.
  • In terms of expenses, insurance and taxes in 2011 accounted nationally for 44.4 percent of the typical open center’s total operating costs; contracted services – such as landscaping, security and trash removal – accounted for 14.7 percent; and maintenance/repair and utilities accounted for 9.1 percent and 8.7 percent, respectively. The percentage breakdowns for major expenses this past year are quite similar to those for 2010.
  • The national occupancy level for open shopping centers in 2011 was 91 percent, exactly the same as the prior year. Broken out regionally, occupancy levels this past year ranged from between 85 and 95 percent.


The IREM Income/Expense Analysis study breaks down open shopping center operating data into several categories, including property size, age, type of anchor, type of lease, average actual occupancy (AAO) and gross leasable area (GLA). The study includes national, regional and metropolitan statistics, along with several special reports including leasing fees, expansion, tenant turnover, type of ownership and gross sales analysis.

A new state-of-the-art product called the Income/Expense Analysis Online Lab is available as a companion product for the research study. The Lab is an interactive website with 24/7 access that enables purchasers to download over 10 years of historical office building data – including over 100 customizable line-item variables – and compare it to the operating data in their individual portfolios.

The 232-page Income/Expense Analysis: Shopping Centers report is available to IREM Members and non-members for $229.95 and $459.95, respectively, plus shipping and applicable state sales tax. Internet users can order the study in soft cover or in a downloadable format by accessing the Publications section (click on Income/Expense Analysis Reports on the drop-down menu) of the IREM web site at As a special incentive, purchasers of the print report also can receive it in downloadable Excel file and PDF format for just $99.99, with the data completely customizable in Excel.

The companion Online Lab is priced at $324.95 for IREM Members and $649.95 for non-members. For information on corporate discounts available for multiple users of the product in a given firm, contact Matthew O’Hara at, or phone 1-800-837-0706, ext. 6025.

To order any of the Income/Expense Analysis: Shopping Centers’ products, contact the IREM Customer Service Department at 430 N. Michigan Ave., Chicago, IL 60611-4090 or call toll-free to (800) 837-0706, ext. 4650. Credit card orders (VISA, MasterCard, Discover or American Express) can be faxed toll-free to (800) 338-4736 or e-mailed to

IREM also has just published new 2012 editions of four other annual Income/Expense Analysis studies, each of which has a companion Lab. The categories covered: Conventional Apartments; Office Buildings; Condominiums, Cooperatives & Planned Unit Developments; and Federally Assisted Apartments. Pricing and other information is available in the Publications section (click on Income/Expense Analysis Reports on the drop-down menu) of the IREM Web site at

The Institute of Real Estate Management (IREM) is an international community of real estate managers across all property types dedicated to ethical business practices and maximizing the value of investment real estate. An affiliate of the National Association of Realtors, IREM has been a trusted source for knowledge, advocacy and networking for the real estate management community for more than 80 years.

IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors and has 80 U.S. chapters, 14 international chapters, and several other partnerships around the globe. Worldwide membership includes nearly 18,000 individual members and over 535 corporate members.

IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager (CPM) designation, the Accredited Residential Manager (ARM) certification, the Accredited Commercial Manager (ACoM) certification, and the Accredited Management Organization (AMO) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. IREM also offers CPM Candidate, Associate, Student, and Academic memberships. All members are bound by the strictly enforced IREM Code of Professional Ethics.

Collectively, CPM Members in the United States manage nearly $2 trillion in real estate assets, including 11.4 million residential units and 10.4 billion net square feet of commercial space. To learn more about the IREM and its chapter network, call (800) 837-0706, ext. 4650 (outside the U.S. call (312) 329-6000) or visit