PREIT CEO Joseph Coradino, who several years ago began buying back department store space in the company’s malls and filling them with more viable retail concepts, now thinks we may not have seen the last of J.C. Penney.
Retail landlords nationwide have been telling tenants to obey their leases and pay their rents because the landlords themselves have to continue to maintain properties and pay their taxes and mortgages.
The Urban Land Institutes latest Real Estate Economic Forecast shows that investors have less to worry about than they did during the recession of 2008 — unless they happen to have large holdings in hotels or retail.
Some retail shops, restaurants, fitness centers, and movie theaters that survive the pandemic panic may be paying much lower rents in the coming years.
