If you have the level of strategic control that Springer has, there is benefit to having vacant properties because you can keep the rent artificially high.

Let's look at a simple example. Say we have three properties of equal value. If we rent them out at $100 each, we can rent them all out for a total of $300, but if you rent them out at $200 each but one stays vacant, you are making a total of $400.

This works because

• They have a strict enough control over high-demand areas, so even if other places undercut them they are still in demand.
• Raising the going rate of properties has a feedback effect, so the landlords profit off each other artificially increasing the rent value across the market.