As the Downtown Mall continually snazzifies with boutiques and restaurants, vacant rental spaces supposedly get snapped up like hot cakes by businesses eager to join the bustle. If that’s true, then why are there so many Debbie Downer empty buildings spoiling the splendor? Not including buildings we know are currently being redeveloped, we confirmed roughly 17,000 square feet of empty space surrounding the Mall in search of lessors.
Bob Kahn, a commercial real estate agent who’s worked in this market since 1999, says, “There is a heightened demand for office space Downtown.” Over the past six to 12 months, Kahn says, office leasing rates have risen sharply.
So, what of buildings that seem to sit and sit? “They generally come with issues, whether they’re space-related or landlord-related,” says Kahn. “There’s really no reason why something in the current market should be on the market for an extended period.”
Or, in some cases—like Keith Woodard’s four buildings or Oliver Kuttner’s former Boxer Learning center, both destined for literally greater heights—buildings just have better things to do than get rented out.
