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They overbuilt 20-30 years ago and buildings are designed to go 20-30 years between major capital expenditure. A big part of that business is syndicating and selling tax write offs... no capital investment breaks that.

So now malls are facing envelopement from discount stores and big box, plus the ever growing threat of Amazon and other e-commerce.

The malls that get investment are pivoting to supermarket anchors and entertainment.

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The story I read (https://andrewdamitio-92271.medium.com/the-decline-of-the-am...) says that there was a shift post-WWII that encouraged building real estate, the accelerated depreciation from the article.

Then as things shifted back to linear depreciation, it made building/running malls much less attractive, and we're seeing that play out over the 20-30 year capital lifecycle you mention.

oh your thinking they just built to many?

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