During the first quarter of the year, the company executed transactions to occupy nearly 600,000sq ft of space.
The figure compares to just over 100,000sq ft in the whole of 2020 and represents a 35 per cent increase over new space leased in all of 2019 as tenants continue to commit PREIT’s collection of high barrier-to-entry communities.
Since the end of the quarter, a number of key leases were signed including: Rose & Remington at Woodland Mall; Windsor Fashions has signed 5 leases for 29,000sq ft and Rue 21 has signed three new transactions for over 18,000sq ft.
“We continue to make strong progress attracting new tenants to our compelling real estate portfolio signifying improved brick and mortar productivity,” said Joseph F. Coradino, Chairman and CEO of PREIT. “Our ability to attract a wide array of uses to our communities, including expanding core retailers, is evident in our healthy and growing pipeline while demonstrating that quality retail and lifestyle experiences will continue to thrive long-term and gain increased market share.”