It's not tax policy. It's finance. Real estate is about cash flow, not tax. A property owner can finance a real property based on the actual or putative rental

It's not tax policy. It's finance. Real estate is about cash flow, not tax. A property owner can finance a real property based on the actual or putative rental market value, using the leasable property as collateral. An empty space can theoretically rent for top dollar if a national chain rents the space, but a leased space must be valued at the actual lease value. Consequently, many developers choose to keep spaces vacant unless they are actually able to lease them at or close to the lease value assumed in their financing arrangements.