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| September 9th, 2009 12:56:38 pm |
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. |
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| September 9th, 2009 12:54:27 pm |
Study: Commercial mortgage defaults to hit new high
Commercial mortgage defaults of loans on shopping centers, office buildings, hotels and other commercial properties are expected to peak in 2011, found a study by Real Estate Econometrics. Lending institutions expect fewer loans to be paid in full as the economy continues to take a toll on landlords. Reuters (9/8)
This will drive market rent rates down and non-national tenant acceptance up! |
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| September 9th, 2009 10:59:28 am |
This article validates the niche and success of ethnic marketplace development as a niche which is a primary focus for SoMo Development.
Ethnic malls appeal to a growing niche market
Ethnic malls have dodged the economic downturn by appealing to niche markets of Asian, Hispanic and other minority shoppers. The malls offer a variety of food items and services along with a sense of community to their growing clientele. "By focusing on a narrow, underserved demographic, ethnic malls create a funnel to bring people in from faraway," said the operator of a Hispanic mall in Fort Worth, Texas. Christian Science Monitor, The (8/31) |
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