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Property manager in RiNo dropped one comment about "coffee shops don't pay rent" and I finally get why my retail search has been stuck
I was grabbing coffee near 38th and Blake and overheard a leasing guy on his phone say "coffee shops don't pay rent" to whoever was on the other end. At first I thought he was just being grumpy, but then it clicked, I've been chasing food and bev tenants for a 1,400 sq ft spot on Larimer for almost 7 months and getting nowhere. My broker pulled comps and the service retail leases in that pocket are running about $28 to $32 NNN while the boutique fitness and med spa folks are paying $38 plus. So I stopped pushing coffee and started calling small dental and dermatology offices instead. Anyone else had luck repositioning a small retail bay that way, or am I about to find out the hard way?
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finleyw9927d ago
Heard that same line from a broker last year, medical pays way better than coffee.
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