Leasing activity at PREIT properties during the first quarter of 2021 strongly contradicts a popular notion that malls will all perish post-pandemic.
The Philadelphia-based owner-operator of 19 regional and super-regional malls has reported signing leases for nearly 600,000 sq. ft. of space in the first three months of 2021. That’s 35% more than it leased in Q1 2019 and nearly half a million square feet more than it leased during all of 2020.
Windsor Fashions signed five leases for a total of 29,000 sq. ft. in PREIT properties, Rue 21 took space in three malls totaling more than 18,000 sq. ft., and women’s clothier Rose & Remington took up its first location in a PREIT property at Woodland Mall in Grand Rapids, Mich.
“Our ability to attract a wide array of uses to our communities demonstrates that quality retail and lifestyle experiences will continue to thrive long-term and gain increased market share," said PREIT CEO Joseph Coradino.