Murray Hill question

[ProjectMaximus]

Hi guys, just wondering why it seems like there are more commercial vacancies in Murray Hill than before. Lots of for lease and for sale signs on Edgewood. Isn't the neighborhood growing in residents? Any thoughts? Thanks!

[thelakelander]

Probably, the negative impact of a bad economy and leasing rates that don't align with the economic conditions.

[avs]

^+1

[jaxlore]

Aint that the truth, I remember asking about rent of a store front up near Eastern Import auto and the guy wanted over 1000 now all three spots he has are empty.

[ProjectMaximus]

Probably, the negative impact of a bad economy and leasing rates that don't align with the economic conditions.

What would more reasonable leasing rates look like it this economy? I think I've seen things around $8/sqft/year. Is that unreasonable compared to similar storefronts in other areas?

[thelakelander]

It all depends on the physical condition of the building, the business doing the leasing and the cost of their tenant fit up.  For example, at $8/sqft/year, is the space move in ready or does it need structural improvements to the roof, an electrical revamp, etc. before tenant improvements can begin?  For me, it's hard to say without knowing the upfront costs a particular business would have to put into a space to make it work.

[north miami]

I opted to move out of Murray Hill even before the euphoric bubble.
I left a house I rented for $350 a month,and could have  bought for about $375 per month.
when was that??.......see above figures.
The house eventually sold for three times the above figures.....once.......and I never looked back other than to go back to that street and environs to ' check it out.

Ancient recent history,the reason for this response is thanks to a customer of mine who resides at The Villages.....bastion of greatest generation wealth.He has been throughout greater Duval county; retail item search and has noted profound evidence of recent closings throughout The River City.