The Macerich Company (MAC) is experiencing increased tenant demand for premier mall space, with approximately 90% of its operating income deriving from Class A properties located in affluent areas. As of March 31, 2026, the company reported a portfolio leased occupancy rate of 93.4%, while the Go-Forward Portfolio occupancy was slightly higher at 94.5%. Tenant sales for spaces under 10,000 square feet hit $899 per square foot, and Go-Forward Portfolio sales reached $941 per square foot.
Macerich is actively repositioning empty anchor spaces under its Path Forward plan, which consists of 30 targeted projects covering 2.9 million square feet. These projects are projected to generate around $750 million in annual tenant sales. The company has also made selective acquisitions, such as Annapolis Mall, which adds 1.5 million square feet of premium space along with a 13.1-acre adjacent parcel, securing 353,000 square feet in new leases across 18 tenants prior to closing.
Despite this positive momentum, MAC faces challenges including tenant bankruptcies and substantial competition from e-commerce. The company’s approach involves integrating more restaurants and experiential uses to maintain destination value in the face of digital pressures.
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