Malls welcome new kinds of tenants to replace retailers
Across America, as the vacancy rate for regional malls settles in at 8.4%, property owners are filling the empty spaces left by departing retail stores with medical facilities, schools and churches, along with a wide variety of other unconventional tenants. Crestwood Court in St. Louis turned a big empty space into an artists' colony. CNNMoney.com/Fortune (9/9
Non-national tenants are coming to the forefront in the commercial real estate market, which serves to diversify and promote cultural marketplace center development. Allowing more locals creates a hybrid of stability and authenticity for shopping centers as community based not rent and tax rate driven only. |
