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Those spaces are wacky. There isn’t enough density to support wages of a person working there and not enough parking to pull in outside customers. They would ma
by userinanother 3y ago
Those spaces are wacky. There isn’t enough density to support wages of a person working there and not enough parking to pull in outside customers. They would make good personal studios for the locals but the landlords want too much or too onerous of a lease agreement.
- pandaman 3y agoNot sure about even studios - if this had been viable somebody could have made profit by taking over a commercial lease and sub-leasing the space to individuals under more suitable terms (a lot of of rental apartments seems to be ran this way already, the entity that leases them is often not the actual owner of the building). My theory is that they build the first floor facing the street as "retail" because they don't think an apartment in such a location will be profitable (much less so a condo) as it's going to be a very hard sell for the prospective tenants/owners. It's much cheaper than residential space and if somebody leases it - you get some profit but if not, you are not losing much.
- userinanother 3y agoLeasing under the projected rate will trigger automatic loan reassessments. Leaving the unit vacant won’t