01-07-2020, 04:18 PM
(01-07-2020, 03:30 PM)Belmonster Wrote: I wish the article included investigation into why commercial rental rates are as high as they are. I'd expect the high vacancy rate to drive down prices, but it doesn't seem to be happening. In theory, lower rents would enable more interesting and independent shops to open downtown, accelerating retail revitalization and making it a more appealing place to live and visit. As it is, though, it seems like a lot of property owners are holding out for big money tenants, leaving prominent retail spaces vacant and depressing.
I'd love to see reporting on why property owners don't reduce their rental prices in the face of high vacancy rates. The current state of affairs is so confusing and destructive.
It seems that I read the article differently than you did. To me the issue seemed to be that many of the spaces are too big, not that the rental rates are too expensive.
Quote:Dolson said many of the spaces currently up for rent in the downtown are too large to be a viable option for many small businesses and that having more small spaces available will help spur the retail sector.
"To sign a lease where it's like 3,000-5,000 square feet? [It's] super intimidating, super expensive and too big of a risk for most small businesses," said Dolson.