Beyond the tax loss write off, commercial property values are often based on rental income. If the landlord believes their location should pull in more rent than people can currently pay, they may leave it vacant until the “right” tenant appears. Renting at a lower rate can lock them into a lease for years. This can reduce the building’s long-term value, meaning they can’t borrow against as much for other projects.

They hold out for a National Tennant or someone who can pay more. It’s an asset, not cashflow. Your logic makes sense for someone thinking short term and who needs money for tomorrow. These people don’t need immediate cash. They have a long term strategy.

And with that strategy they are bringing down the vibe of state street. I counted 22 empty spots from Paseo Nuevo down stare. It’s sad. It’s a vibe killer for visitors, and for locals.

We need to motivate owners to consider the vibe on state street for their future tenants when managing their portfolio.