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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

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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.

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How can the accuracy and usability of the XYZ map and vacancy monitoring system be improved?