My shop, Random, was on State Street for 29 years. Visitors were half of my business. Now it’s deemed too funky to lease to. Some of those For Lease signs might as well read Faux Lease.
Signing a lease on State Street is a financially daring thing to do. It might as well read, “I owe the landlord a lot of money. I am responsible for almost everything. The landlord is responsible for as little as legally possible.”
The rents being asked reflect the value of the real estate, but not the actual state of brick-and-mortar commerce here. Here’s why: