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There ar e plenty of commercial buildings in the USA that have been empty twenty years.
by bluedino 6y ago
There ar e plenty of commercial buildings in the USA that have been empty twenty years.
- MichaelZuo 6y agoReally? Any in/near a major city?
- jefftk 6y agoIt's not 20 years, but the old Circuit City building in Assembly Square (just outside of Boston) has been vacant for 11.
- MichaelZuo 6y agoThat does seem strange, it’s hard to imagine the financial and legal structure that would incentive the beneficial owners to let a desirable chunk of real estate sit idle for 11 years.
- bluedino 6y agoThey will build a new one right next to an empty building.
- onlyrealcuzzo 6y agoBecause the Fed is continuously lowering interest rates and pushing up asset prices?? Commercial space in a city like Boston rarely rents for anything close to 1% per year. R/E has been appreciating at over 6% per year. You're going to make almost 10x as much money doing nothing as you would renting the building - even if the rent was 100% profit (it's not). In this case, the landlord would need to do a ton of repairs and probably wouldn't even cash-flow for 2 years. For 10% more profit? That sounds like unnecessary / excessive risk to me.