Shopping Centers in Survival Mode
December 24th, 2008
So much about home prices, what about investments in shopping centers?
The research firm Green Street Advisors says real estate investment trusts that own strip shopping centers are taking a beating as consumers cut back on spending this holiday season. As aresult the shopping center operators have cut their own spending for development and acquisitions and focused just on keeping their centers leased. To do that they’ve been offering rent relief or concessions to struggling tenants, particularly smaller mom and pop owned stores.
The firm figures occupancy rates will drop to about what mall owners saw in Texas during the 1980s bust. If you're looking for investment advice, Green Street says buy Federal Realty and Regency Centers. Sell Equity One and Kimco Realty.
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