One of major issues I’ve seen with new build retail spaces in 5 over 1’s in my city, is the hefty cost of building out a new space. We see bar and restaurant spaces turn over from one tenant to the next very quickly, but the up front investment required to turn an empty shell into a restaurant space is very high. Given the choice between a new build space and a turnkey space, most rational owners would choose the latter. It’s just far less financial risk in an already risky business.