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NEW YORK — General Growth Properties (GGP), the nation's second-largest mall owner, declared bankruptcy Thursday in the biggest real estate failure in U.S. history
Yeah, whatever I had left of my REIT funds will take a noisedive today. Good thing I got a huge run off in profits from 2003-2007 and took some out.
Just looks at a lot of malls in some parts of the country. A lot of malls in the Orlando area have empty lease space. It's like only 75% occupied which means bad news for these companies.
However, was just back in the DC area and Tyson's Corner Mall seemed like business as usual.
Bottom line: economy
Washington DC metro area has around 6.5% unemployment
Central Florida has close to 10% unemployment.
There are too many malls in the Greater Orlando area based on the population. We've got at least seven major malls, two large outlet malls, four large shoping centers (basically unenclosed single story malls) and a couple dozen medium sized shopping centers with at least one if not two big boxes and a dozen or more smaller stores. The writing was on the wall for some of those malls long before the economic crisis.
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