Eli5: Why are so many office blocks and retail shops in UK that are ” to let” remain empty for months, rather than to reduce rent ? Why do landlords do this?
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I don’t know if this applies to UK at all but in the USA, it is cheaper to build a new building than to completely renovate an existing one. Here, we have empty commercial space everywhere. For example, my company built a new building on the other end of a shopping center from the prior one and it has sat empty for 10+ years. Nobody wants to pay to rehab the building and it was cheaper for my company to just build a new location on the opposite end of the shipping center
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