There's a good Money Stuff episode about this btw. They talked to someone whose job is to assess commercial properties on behalf of investment funds. There's a lot of obvious tricks that places use to make their occupancy seem better, but the guest's take was that only S-tier malls and office buildings are worth the asking price.

My local B-tier regional mall for instance has about 50% occupancy, and a lot of that is pop-up stores that seem to be entirely transient. They have an anchor Wal Mart, a bank and a mobile phone store, but no other noteworthy tenants. Around the holiday season it felt pretty empty. It's amazing they can afford to operate such a large building under the circumstances.

There's 2-3 other similar malls within a 30 minute drive. All of these malls are still being held by REITs or retirement funds at inflated valuations waiting for a recovery that isn't coming.