How bad is the vacant-storefront problem? No one knows, because no one’s counting.
Welcome to Mountain View: Look at some blight.
Struggling downtowns in San Jose, Oakland and San Francisco receive plenty of public attention, but cities around the region are facing a confluence of troubles outside their cores that are replacing formerly vibrant shopping districts with decaying, empty storefronts. Owners of older buildings with low property taxes can still make money with only 20% or 30% occupancy, Snider said. Many won’t update them because they can’t afford to or the improvements would raise their property taxes. Landlords typically want short leases so they can easily hike rents or sell the property, while retail tenants want longer leases, especially if they’ve had to invest in the space. The mismatch contributes to vacancies.
How bad is the problem? No one knows. Cities admit that their vacancy numbers come from commercial real estate reports that leave out properties not currently for lease, such as the former Santa Clara furniture shop. A February memo from Campbell’s economic development manager to its city council noted that commercial vacancy appears low, but “there is likely much higher vacancy in smaller, unanchored, poorly located strip centers in the city, but they are not tracked.
Nearby on Telegraph, Jebena Cafe owner Freweyni Gepreselassie put $100,000 into the space before opening her Ethiopian coffee shop a year ago. Her business is sandwiched between vacant storefronts, and car break-ins and a nearby homeless encampment reduce the sense of safety, Gepreselassie said. “It is at this time very frustrating,” she said. “We don’t have a lot of customers.”
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