Q&A
Commercial space and retail rent considerations
2:28:40
·
73 sec
Council Member Farías and Ken Fisher discuss how retail and commercial rents will be determined for the development.
- Retail rents will likely be determined by market forces
- The retail sector is currently in a state of flux, making it challenging to predict future needs
- There's a focus on providing retail options that can't be easily obtained online
- Council Member Farías expresses concern about existing vacancy rates in the Parkchester area
- The council member emphasizes the need to consider local market conditions when determining rents, even if they differ from broader market trends
Amanda Farías
2:28:40
And in terms of the potential commercial space, how will those retail commercial rents be determined?
Ken Fisher
2:28:50
Well, I guess the textbook answer is by the market.
2:28:53
Yeah.
2:28:54
So it'll depend on what kind of stores, retail retail is a very confusing sector right now.
Diana Finch
2:29:03
Mhmm.
Ken Fisher
2:29:03
III asked 1 developer client you know, what what are you gonna put in the retail?
2:29:08
And his answer was anything you can't get on the Internet.
2:29:12
So, you know, what the needs are in that particular community?
2:29:16
I think remains to be same.
2:29:18
But obviously, retail has a lot of options these days and they're not necessarily gonna pay above what they think the space will suffice.
Amanda Farías
2:29:27
Sure.
2:29:28
My only concern is that we already see some vacancy rates within the purchaser campus that has, you know, with 12500 units and has about 48, 000 people.
2:29:39
There are some spaces that just can't keep a restaurant no matter who goes there or can't have a storefront.
2:29:46
So just wanna keep that at top of mind when those determinations are being made even if the market maybe says something a little different.