Black Friday was big this year.

The day after Thanksgiving, Black Friday kicks off what is historically the busiest traffic weekend of the year for retailers.

Despite a softening in the economy, consumer confidence remains strong. According to General Growth Properties, Inc. (NYSE: GGP), traffic counts in its regional shopping malls exceeded 1999 figures significantly.

Sales at General Growth malls were up 6 percent on Black Friday over the same days last year. And sales for the entire weekend showed an increase of 3.4 percent.

“It is no surprise to us that this time of year generates even more excitement as time passes,” said John Bucksbaum, CEO of General Growth Properties. “We say it each year, but it can never be said enough: people love to shop. With the heightened consumer options these days, it is extremely gratifying to see our customers taking part in the retail and entertainment options their regional mall provides.

“The shoes and apparel categories were the surprise winners outperforming other categories during the first major holiday shopping weekend,” Bucksbaum added.

But the real question remains – were these sales the result of high consumer spending at any price, or the willingness to accept lower margins on higher volumes by retailers? The answer to that question could determine how retailers – and retail real estate companies – fare in the coming quarters.

In other news, commercial real estate continues to be a risky business when it comes to the environment. All commercial properties have some environmental exposure, whether from past operations, planned construction activity or new operations, according to Rich Humphreys, vice president for the real estate business unit of ECS, Inc.

Because of this risk, Humphreys said, businesses should carefully follow what he calls the 10 Evironmental Commandments of Real Estate Buying before closing a real estate deal.

These commandments include:

1. Beware of the “buried” past. Investigate past uses of property as far into the past as possible. Also investigate past use of adjacent properties. Was your land formerly an oil field or the site of a gas station? Was there a manufacturing plant next door?

2. Perform due diligence. Take a close look at the physical condition of the property by performing Phase I and Phase II site assessments that identify potential environmental exposures.

3. Know if former environmental hazards were corrected up to current code. Environmental regulations change. If the property you are purchasing has not been used in awhile, it is important to investigate if past environmental problems live up to today’s standards.

4. Identify environmental exposures created by your activity. If you are developing or operating at the property, pay close attention to your own activities. The improper installation of a heating, ventilation and air conditioning (HVAC) system could lead to indoor air problems. Construction activity could disrupt and spread contaminated soils if they are present.

5. Know your neighbor’s land and business as well as your own. Your neighbor’s environmental problems and practices could become your problem, affecting your property and business.

6. Understand the potential financial implications of environmental incidents. While the number of environmental incidents affecting companies is relatively low in relation to other liabilities, when they do occur they can bear significant costs for cleanup, fines and legal fees. It is important to realize the potential and have a plan in place to manage the outcome of an environmental incident should it occur.

7. Where possible, eliminate risk. Some exposures can be entirely eliminated. An underground storage tank can be removed. A chemical stored at a facility can be kept elsewhere.

8. Learn to control your potential environmental exposures. Risk is an everyday reality in business. When it cannot be eliminated, it can be managed to minimize its potential impact. To control exposures, property owners can implement a variety of risk control programs that include employee training,

9. Examine ways to transfer your environmental risk. Standard general liability policies do not provide coverage for pollution conditions. There are, however, specialty insurance coverages to meet the environmental risk transfer needs of property owners. These insurance programs address cleanup costs, cost overruns, third-party liability and legal defense.

10. Plan for the potential. Even when all risks are carefully managed, incidents do occur. With the initial purchase of a property, buyers should plan on the steps to take when an incident occurs so that a lucrative investment does not turn into a financial nightmare.