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I compared Union Station to RiNo leases and the difference was huge
Last month I was looking at two similar sized office spaces, one in Union Station and one in RiNo. The Union Station spot was asking $48 per square foot with no concessions. The RiNo space was $38 and included 3 months free rent. I asked around and a broker told me the RiNo landlords are way more willing to negotiate right now because vacancy is higher there. Has anyone else seen this gap widen in the last 6 months?
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ben_nguyen3mo ago
Yeah that gap has definitely gotten wider, you're right about the "willing to negotiate" part. I've been tracking this for a few months and RiNo landlords are basically giving away free rent and tenant improvements just to fill space, I know a guy who got six months free on a 5 year lease there. Meanwhile Union Station still holds tight because it's got that whole walkable transit hub thing going for it (plus all the fancy restaurants nearby). The wild part is RiNo's vacancy is like pushing 20% in some buildings while Union Station stays under 10%, so unless more companies move into RiNo soon I think the gap keeps growing.
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the_john3mo ago
Well, I think you're slightly off on that vacancy number-I've seen midtown buildings hit closer to 25% empty.
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