Mall vacancies are surging, so what to do with all that empty space? Apartment and condominium conversions could proliferate. Some developers were converting properties before the coronavirus pandemic hit, but the pandemic has made the concept more attractive. Half of all mall anchor department stores are expected to close by mid-2021, by some projections. That would leave huge swaths of real estate vacant and likely lead to closures of other, smaller stores.
Last year, Brookfield Properties partnered with Avalon Communities to convert a chunk of the aging Mall outside Seattle into 300 apartment units. Around 90,000 square feet of retail space will remain.
Malls to Condos