The announcement by General Growth Properties executives that they would like to purchase a few high-end urban street assets comes as no surprise to industry analysts.
The announcement that Macerich will sell four of its malls may be the first clear indication that buyers are now willing to look beyond primary markets in pursuit of yield.
During the first quarter of 2013, the average vacancy rate at all neighborhood and community shopping centers declined by 30 basis points compared to the same period in 2012.
The question becomes whether power centers will remain a viable property type with many of their staple tenants gone and the rest switching to smaller formats.
There has been $30.3 billion in new CMBS issuance to date in 2013, according to Commercial Mortgage Alert. That puts the industry on pace to smash last year’s volume of $48.4 billion and will make 2013 the busiest year for CMBS issuance since 2007. Where do you think total CMBS issuance volume will end up in 2013?