Mall Developers Face Uphill Battle

Now that General Growth Properties Inc. has filed for Chapter 11 bankruptcy protection, the question is whether more recession-hit developers might follow. Mall vacancy rates rose to 9.5 percent in the first quarter from the 8.9 percent registered for all of 2008, marking the largest single-quarter jump since 1999, according to Reis Inc., a real estate information company. That’s creating immense financial pressure on real estate investment trusts as centers lose tenants while those retailers remaining aggressively push for rent reductions.
Wal-Mart's Duke Talks About Economic Challenges

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