3 ms·

It's not 20 years, but the old Circuit City building in Assembly Square (just outside of Boston) has been vacant for 11.

• MichaelZuo 6y ago
  That 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 ago
    They will build a new one right next to an empty building.
  • onlyrealcuzzo 6y ago
    Because 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.