Immediately pre-Covid, the vacancy rate at U.S. shopping centers was 6.25%. The rate peaked in 12/20 at over 7% but has been declining since and is now 5.3%, the lowest level in probably decades. This is because consumers are again shopping in-person, and post-Housing Bust vacancy rates peaked in early 2010 at over 10%. As a result, new mall construction activity largely stopped. Rents are now 17% above 2019 levels.