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Shopping Centers in Survival Mode

Posted by: Chris Palmeri on December 24, 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.



BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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