DJ Leasing by Mall Owners 'Encouraging' in 2Q -- Market Talk

1006 ET - Leasing activity by mall owners improved in 2Q after stalling in March due to Covid-19, though it is still below last year's volume, Bank of America says. The bank views leasing activity as an indicator of normalizing conditions. Macerich, for example, has a leasing pipeline of 1.3M square feet, with a small portion of tenants saying they aren't planning to open. "While management teams have their sights set on a return to normalcy, accelerated bankruptcies and store closings will still push occupancy lower into 2021," BofA says. Store closings, at 9,544 so far this year, have eclipsed last year's total, the bank notes. (dave.sebastian@wsj.com; @depsebastian)

(END) Dow Jones Newswires

August 20, 2020 10:06 ET (14:06 GMT)

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