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Anyone know whats going into the building that was Lucky 32/Kamado Grille off Spring Forest and Falls of Neuse? I saw someone bought the building for 2.7 mil and categorized it as retail...im wondering what business they could possibly be thinking would make a return on their investment?
Do restaurants count as retail? I saw a "for lease" listing that showed $34 as the sq ft price. That would yield monthly rental of ~ $24,000, based on 8700 sq ft. that price seems super high to me. Class A Medical office space is usually $18 to $22 per sq ft. We just moved into that neighborhood., and hope for some good new restaurant to move in.
commercial rentals rates in Raleigh are completely insane right now across the board. The only person who has a hope of making money at those rates is the landlord
commercial rentals rates in Raleigh are completely insane right now across the board. The only person who has a hope of making money at those rates is the landlord
Hence, the number of vacant but viable spaces downtown. This has become a borderline crisis for small businesses in Manhattan - particularly the West and East Village and the Lower East Side. Small area businesses - bodegas, dog groomers, small coffee shops, tailoring shops, dry cleaners, self serve laundromats.... are being forced out by high rents, yet the storefronts are increasingly sitting empty because speculative landlords are just siting on the space. Compounding it is that most of these buildings have apartments on the upper floors - which provide enough income to pay the bills and show a profit on the property.
Hence, the number of vacant but viable spaces downtown. This has become a borderline crisis for small businesses in Manhattan - particularly the West and East Village and the Lower East Side. Small area businesses - bodegas, dog groomers, small coffee shops, tailoring shops, dry cleaners, self serve laundromats.... are being forced out by high rents, yet the storefronts are increasingly sitting empty because speculative landlords are just siting on the space. Compounding it is that most of these buildings have apartments on the upper floors - which provide enough income to pay the bills and show a profit on the property.
Really wish that model was in use in areas other than just downtown and North Hills. I'm expecting that will be the trend, in the future, but it makes much more sense to marry retail and residential, where possible.
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