QUESTION
What are the top five reasons for high vacancy rates based on the areas Department of Small Business Services (SBS) has analyzed?
0:37:22
·
58 sec
The Deputy Commissioner for Neighborhood Development at the Department of Small Business Services (SBS) lists several potential reasons behind high storefront vacancy rates in certain areas:
- Landlords trying to hold out for higher rents.
- Locations lacking transit accessibility.
- Mismatch between the build-out of commercial spaces and market needs.
- Spaces not reflective of the types of spaces businesses require.
Oswald Feliz
0:37:22
And based on the areas that you've analyzed, had conversations with small businesses and the stakeholders areas with high vacancy rates, what are the top 5 reasons?
0:37:32
I know it depends on the specific neighborhood, but what are top 5 reasons that continue to pop up when you're having these conversations.
Calvin Brown
0:37:40
Once again, I mean, it could be a number it could be a landlord trying to hold out for the deal rent.
0:37:47
It could be their where they're located if they're not in a transit rich area.
0:37:55
They're they're in an area that's not transit rich.
0:37:59
It could be the the build out of the space.
0:38:02
Is not really reflective of the the market and the type of spaces that are need for because because commercial space is.
0:38:10
So once again, is really engaging a local partner so that they can engage with the landlord and really understand what those challenges are.
Oswald Feliz
0:38:20
Okay.
