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Shopping Center Income and Expenses Up, Occupancy Levels Rise Slightly in 2012, New IREM Benchmarking Study Reports

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Insurance and Taxes Claim 44.4 Percent of Total Costs

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

General Information

2012  Income/Expense Analysis: Shopping Centers, Institute of Real Estate Management, 224  pages, soft cover, charts/graphs; IREMMember price is  $234.95 and non-member price is $469.95 (plus shipping and tax). In addition to the traditional printed format, the new 2013 Edition is available online at www.irem.orgThe 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 also can receive it in downloadable Excel and PDF formats for just an additional $99.99.

(Chicago, Aug. 26, 2013) – Median income for open shopping centers across the country in 2012, based on average actual occupancy (AAO), increased to $16.18 per square foot from $15.31 the prior year.  In contrast, open center operating costs increased to $5.20 per square foot from $4.95 in 2011. 

These are among the key findings reported in the 2013 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 421 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 2012 ranged from $14.10 to $22.74 per square foot versus a range of from $13.90 to $20.46 per square foot in 2011.  The Northeast and Mid-Atlantic regions reported the highest income per square foot at $22.74.
  • Regional results also revealed that the Southeast had the lowest median operating cost for open centers last year at $3.80 per square foot, whereas the Pacific Coast region had the highest at $6.46 per square foot.
  • In terms of expenses, insurance and taxes in 2012 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 12.9 percent; and maintenance/repair and utilities accounted for 8.7 percent and 8.3 percent, respectively. The percentage breakdowns for major expenses this past year are quite similar to those for 2011.
  • The national occupancy level for open shopping centers in 2012 was 92 percent, up from 91 percent from the prior year. Broken out regionally, occupancy levels this past year ranged from between 89 and 96 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 shopping center data  – including over 100 customizable line-item variables – and compare it to the operating data in their individual portfolios.  

The 224-page Income/Expense Analysis: Shopping Centers report is available to IREM Members and non-members for $234.95 and $469.95, 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 2013 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 dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. An affiliate of the National Association of REALTORS, IREM is the home for all industry professionals connected to real estate management – and the only organization serving both the multi-family and commercial sectors.

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