Evan Bull debunks some misconceptions about vacant malls and discusses how insurance can help property owners keep the ghosts at bay. In 5 Myths About Ghost Malls, Even discusses the misunderstandings about these neighborhood monoliths.
Myth No. 1: Ghost malls exist only in economically depressed regions.
Although pockets on the East Coast, Midwest and West Coast see the most closings, ghost malls are a national issue and part of the larger trend of vacant property, Bull says.
Although “Type A” malls–the “best of the best”—are not typical candidates for becoming ghost malls, the lower tier of “economy malls” can be vulnerable when real estate investors no longer find them attractive investment targets, he says.
Bull, who spent 15 years in Chicago as a retailer broker specializing in property placement for clients like General Growth Properties, is intimately familiar with the challenges of insuring vacant property for clients until that property is renovated or sold for other use.
Read Myth 2 – 5 at Property Casualty 360