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Metropolitan DC Local Politics
Reply to "What are the commercial lease rates are at Friendship Heights?"
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[quote=Anonymous]Mixed use is not some magic bullet. Look at Rockville Town Center. They constantly struggle to bring in retailers, and they are moving out all the time. They have some decent anchor tenants -- a grocery store and the library. Yet they can never seem to keep the retail tenants. The tenants weren't high-end either -- mid-scale merchants and restaurants. I suspect in FH, the issue is the landlords are part of a larger group who needs to make a certain return on their money, so they set minimum rents based on their costs, which is higher than what the FH market is worth. This may all go out the window now, as retail and commercial real estate is hurting big-time. One of my friends in the biz on the commercial side (warehouses and industrial) said only 25% of tenants are paying on time currently, due to pandemic killing their business. He'll negotiate down to 50% of the current lease price and consider it paid in full currently.[/quote]
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