Can’t Sell It? Sub-Divide It!
As has been painfully noisily clear the last week or so, the landlord’s solution to filling the hard-to-lease retail space — directly below the Edina Realty – City Lakes office in Calhoun Village — has been to subdivide it.
So, instead of the 3,000 square foot-plus space formerly occupied by Hollywood Video, there are now three spaces of about 1,000 square feet each.
Why is that smart?
In a soft economy, it’s easier to lease three, modestly-sized spaces than one expensive space.
Is something similar happening in residential new construction?
You betcha (see, “Downsizing Developers: ‘Stayin’ Alive’).
