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Landlords just don't seem to want to lock in a 10-15 year commercial lease at current going rates. Might be fear of inflation, might be that they all want a Duane Reade or TD bank to lease the space instead of smaller retailers.
I can tell you from experience (company I work for is constantly scouting new locations) that its very hard for find a reasonably priced commercial space in the city. If you want to be on a busy street, you're looking at $125+ per sqf easy and I'm talking outer boroughs, like 86th Street in Brooklyn or Steinway.
Min wage is $11 and hour. It doesn't go up to $15 for another almost 2 years
True, but you don't invest hundreds of thousands starting a business just to close up shop in 2 years. Hence potential entrepreneurs are staying on the sidelines for now. However if in two years $15 burgers start flying off the shelves in the outer boroughs then I suspect those vacant stores will fill up pretty quickly.
Its becoming too expensive to keep the machine running.
No it's capitalism and greed. Free market has landlords creating prices that fit them and there is no penalty for those who leave prime real estate empty because they want ridiculous amount in rent. There are plenty of New Yorkers wanting to start their own business but the price for commercial space is unattainable for small businesss starting out.
Something has to give because it's nearly impossible for small businesses to open up. My neighborhood is an upper class area and we actually have some successful small businesses, but the prices keep going up. $20 credit card minimum... $5.00 coffee... That kind of thing. Sometimes it's cheaper for me to go to Manhattan at my other residence.
No it's capitalism and greed. Free market has landlords creating prices that fit them and there is no penalty for those who leave prime real estate empty because they want ridiculous amount in rent. There are plenty of New Yorkers wanting to start their own business but the price for commercial space is unattainable for small businesss starting out.
You once again show you know nothing. How can it be capitalism and greed when as posters earlier mentioned that because of NYC's tax regulations that contribute to this?
NYC is not true capitalism because it is so over-regulated. And how can it be greed when landlords forego collecting on rents?
A true free market means that landlords are competing for tenants by offering competitive store rents. NYC with its crazy regulations is the opposite of a free market.
It's speculation and holding out on the idea that they can maybe bag a large corporate tenant. Unfortunately, that's not quite happening so instead they just sit empty. Is that about right?
If that's the case, it's either wait for the landlord's to just give in to the fact that these stores are going to keep sitting empty until they reduce their rents or actively work against this by putting in a vacancy tax to nudge them a bit more.
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