New leasing activity accounted for around half of all leases signed, a move that is "evidence of retailers' appetite to grow and reliance on brick-and-mortar stores as a key part of their business, even within the mall format."
While there was some flexibility for tenants experiencing true hardship during the pandemic, net lease owners expected tenants to pay rent through the pandemic.
The unnamed company signed a lease for the entire 751 Gateway project in South San Francisco, which is currently under construction and will deliver in 2024.