CORRECTED - U.S. regional mall vacancy up in 4th quarter--Reis

(Corrects spelling of chief economist's name in paragraphs two, three and seven)

By David Bailey

CHICAGO, Jan 10 (Reuters) - Vacancy rates at U.S. regional malls rose and rents fell during the fourth quarter due to concerns about consumer spending and a potential slowdown in the national economy, real estate research firm Reis said.

A slowdown in both the growth of consumer spending and the hesitancy of retailers to sign leases in such uncertain times has contributed to a "change in trajectory" for regional malls, Reis chief economist Sam Chandan said.

"It's only one quarter, so we don't want to go too far, but the numbers are significant enough that we are starting to see that deterioration," Chandan said.

Vacancy rates at regional malls rose 0.3 percentage point to 5.8 percent and asking rent fell 0.4 percent to $40.37 per square foot in the fourth quarter from the third quarter.

Regional malls typically have anchor tenants such as department stores and other retail chains that sell largely discretionary items that had seen strong consumer spending growth in recent years during the housing boom.

Those sources of consumer cash, such as refinancings and home equity loans have dried up in the housing downturn.

"We clearly see consumers are spooked and that is going to give them some pause when they are at the mall," Chandan said. "We will see further stress on the performance of the regional malls as we move further into 2008."