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In order for the market for retail rentals on Charles Street to recover, Beacon Hill landlords need to adjust their rent expectations and be more willing to strike a compromise with prospective tenants…
“On Charles Street, landlords aren’t used to this kind of environment, which is unique, granted,” said Joe Govern, a broker with Street & Company’s 78 Charles St. office. “I think they need to be more willing to consider the risks retailers are taking in this market and meet them halfway and give them some concessions, rather than have the burden be one-sided.”
As a Beacon Hill broker for over 20 years, I was fortunate that my landlord allowed me to get out of my retail lease at 137 Charles Street, and allowed me to move to a rear office in the back of the building where I’m saving thousands of dollars a month on rent.
Hopefully, more Beacon Hill building owners will see the writing on the wall and make the necessary rent adjustments,
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Hat Tip: Beacon Hill Times
