> I'd actually like see entrepreneurs take a run at that retail space.
Well of course. So would those entrepreneurs. Problem is that rent is usually way too high to for a shoe store or makerspace to break even. Forget plumbing supplies. There usually isn’t easy parking for a truck, and you need lots of room for a plumbing supply store.
These spaces are normally mandated by local regulations, so whether or not they are economically viable is irrelevant.
Yes, the planning commissions approve these developments with the requirement for "ground floor retail" but the demand doesn't seem to be there, at least not at the rents being asked.
If they would truly rent these places out at what the market will pay, that would be fine and I'd love to see what ideas people had to use that space. But seeing as how most of it remains vacant, that must not be happening.
I'd be interested to know how the vacancy rate compares on the residential units vs the commercial units.
It seems obvious that if any retail space could be converted to living quarters and make more money, somebody would pay the commercial rent and do the conversion. Except, of course, where this is barred by government.
Well of course. So would those entrepreneurs. Problem is that rent is usually way too high to for a shoe store or makerspace to break even. Forget plumbing supplies. There usually isn’t easy parking for a truck, and you need lots of room for a plumbing supply store.
These spaces are normally mandated by local regulations, so whether or not they are economically viable is irrelevant.