‘Never seen anything as catastrophic’: Malls in Canada face massive hit as unpaid rent surges [Financial Post (Toronto, Ontario, Canada)]
CoStar Group, Inc. (CSGP)
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Source: Financial Post
'Never seen anything as catastrophic': Malls in Canada face massive hit as unpaid rent surges In the country's enclosed regional malls — a category that includes Toronto's Eaton Centre — only 20 per cent to 25 per cent of tenants paid rent in April Canada’s malls are facing a wave of skipped rents and could see vacancy rates triple by year-end, with the coronavirus poised to leave its scars on a fragile retail sector long after the pandemic ends. In the country’s enclosed regional malls — a category that includes Toronto’s Eaton Centre and Pacific Centre in Vancouver — only 20 per cent to 25 per cent of tenants paid rent in April, according to brokerage firm JLL Canada. Big box shopping centres and community strip malls took in only a little over half their expected rent. “I’ve been in this business over 30 years and I have never seen anything as catastrophic or as impactful in a negative way in our business,” Tim Sanderson, who heads retail at JLL Canada, said in an interview. “It’s
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CSGP
Earnings
- 10/22/24 - Beat
CSGP
Sec Filings
- 10/28/24 - Form 4
- 10/28/24 - Form 4
- 10/25/24 - Form 144
- CSGP's page on the SEC website