UPDATE 5/30/18: CORRECTION Yogur Tissimo is not closing or for lease. The sign in the window indicates 34 W State Street is for lease which is the site of the former Turning Point location.
There is actually an Italian Bakery being added to Yogur Tissimo.
Another State Street storefront available for lease.
I guess the food court theme isn't working either instead of the borough spending 500 k on stopping the 3rd street project maybe some money and attention should be spent a little closer to the heart if the town that by all accounts has a lot of empty storefronts
ReplyDeleteAnd not sure what leases are in the pipeline ?
The landlords perceptions of the rates they can charge for these storefront spaces on State Street are meeting the reality of what the market can actually sustain.
ReplyDeleteWe are seeing a “ market correction” of inflated lease rates.
Hopefully this sudden decrease in occupancy rates is alarming enough to push lease rates down to sustainable levels. Unfortunately the residential building boom is I suspect fueling these unrealistic expectations of high lease rates that are not actually sustainable.
State Street will continue to see a decline in occupancy until the landlords for these properties understand the actual market indicators and make a market adjustment.
What does media bourgh council have to say about all the empty storefronts ?
ReplyDeleteI don't think this story is accurate.
ReplyDeleteAnother one bites the dust. I find it unsettling that often during the daytime when I travel through Media, it looks almost abandoned. Lots of free parking spaces, not a lot of people. Actually, aside from Deals and Trader Joes, there is not much reason to come to Media unless one intends to eat or drink. and there is only so much of that one can do! I remember the days of strolling and shopping, or running errands.
ReplyDeleteI don't think this posting is accurate.
ReplyDeleteI think more needs to be looked into. On the sign it has the address for another building being leased.
ReplyDelete