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Eventually, the reality of all those empty office spaces is going to have to catch up with commercial REITs. Funding partners can either accept a reduction in rent and portfolio size, or let the market bleed them dry while they hold out for the past come back.
25 PSF per year doesn't make any sense for class C buildings in the CBD or light industrial in SoDo, when they sat vacant since 2020.
@kkarhan@mstdn.social@falcon *nodds in agreement*
#CommercialRealEstate is just #scammy af and I think that all the #brokers and #landlords that refuse to concede and #TouchGrass aka. provide reasonable as well as fair terms and conditions should face #bankrupcy as deserved punishment!
It's just absurd how unaffordable spaces are that are longer vacant than being used.
Espechally in like business & low density commercial districts that ain't got high foot traffic or excellent infrastructure and customers nearby.
@falcon Like I can at least rationalize a 5 digit rent on 1st Ave NYC but I can't rationalize the same amount of rent in a 200k pop city in Germany which doesn't even come close in revenue, foot traffic or potential customers, nor has excellent public transport to justify it's existance.
@kkarhan in Seattle we decided to instead subsidize some in taxes and charitable funds. Retail, to be clear, but a lot of retail in the areas served is held by office landlords. https://seattlerestored.org/about/
@falcon Yeah, and I think that it needs more cities to take on the importance of #developing their area seriously.
What I wished for is like #Hamburg's "Living Space Protection Act" ( #HmbWoSchG ) to be copied around the globe and applied not just to #condos and #apartments but also #commercial #RealEstate to combat mass #vacancy...
Even if that means renting out space at-cost [and I mean at real cost, not to ROI some rich corporations!] for #SmallRetail and non-commercial users...