SAN ANTONIO — Where others saw an abandoned shopping mall with weeds growing in the parking lot, graffiti on the walls and homeless men camping out in what was once the food court, Graham Weston, chairman and co-founder of Rackspace, a Web hosting company here, envisioned a corporate headquarters.

“I thought, This is going to be awesome!” the infectiously enthusiastic Mr. Weston said of his idea five years ago to move Rackspace’s operations to the defunct Windsor Park Mall in northeast San Antonio. “But everybody else pretty much thought I was crazy.”

Today, his idea to move his company to the very mall where he got the blue ruffle tuxedo he wore to his junior prom seems more innovative than insane, with 3,200 Rackspace employees keystroking in cubicles set up where retailers like J. C. Penny, Zales, Casual Corner and Piercing Pagoda used to be. The project suggests that there might be hidden opportunities in the nation’s glut of dead and dying malls and represents one of the country’s largest and quirkiest recycling efforts.

As ruefully documented on the Web site Deadmalls.com, the recession has shuttered scores of enclosed malls in the United States, and estate analysts at the CoStar Group predict that at least 10 percent of the remaining 1,500 malls will fail in the next few years. This is despite recent improvements in retail sales, because shoppers these days are more likely to visit free-standing stores or strip centers than invest time and effort entering and navigating a mall.