Shopping Centers 2020

This report ranks and summarizes the top 20 shopping centers in Puerto Rico to give investors, tenants, and shoppers a sense of the benefits, history, and statistics of each center.

The gross square footage of the top 20 centers is 38.7 million square feet with a cumulative gross leasable area of 13.2 million square feet. The cumulative loss factor (the ratio of gross leasable area to total area) for shopping centers in this study is 34 percent, with a maximum of 74 percent, a minimum of 15 percent, and a standard deviation of 14 percent. The loss factor may skew low due to the quality of some of the data available, which may list the lot size as the gross square footage rather than the building size.

There are 2,093 rentable units in the centers, with Plaza Las Américas holding the largest concentration of 300 units. JLL estimates an average of 21 parking spaces per unit and an average of 328 total food court seats across all the centers, with each center hosting at least one anchor tenant for the time being. Total sales data is scarce; however, JLL estimates an average sales per square foot of USD 521 per square foot.

The centers average a total of 9.5 million shoppers annually, with this data also being relatively scarce with 6 centers reporting. Average dwell time in the centers is 58 minutes, with an average household income of USD 39.3k. According to PinPoint geofencing data, the average size of populations with immediate access to the centers is 486k individuals, with a maximum of 2 million individuals. Centers closer to the airport generally have higher average dwell times, higher household incomes, and larger PinPoint populations.

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