Simon: Retailers Racing to Lock in Mall Leases Up to 3 Years Early
Simon Property Group reports Q1 occupancy at 96% with retailer sales up 11.8% to $819/sq ft. CEO flags a behavioral shift: non-luxury tenants now renewing leases up to three years ahead of expiry, with 75%+ of 2026 expirations already locked. 1,100+ leases signed across 4.7M sq ft, base rent up 5.2%.
Simon Property Group CEO says retailers are racing to renew mall leases up to three years early, a shift from luxury-only behavior. Q1 saw 96% occupancy, 11.8% sales/sq ft growth, and 1,100+ leases signed across 4.7M sq ft.