My understanding is commercial real estate operates a bit differently than residential. The value of the property is based on a multitude of factors and the people that invest in commercial are not making an investment in residential.
For example, the value of the property is based on the last or current rent they have received. It is better for the property owner to not have a tenant, than it is to accept a lower lease because it impacts their financing agreements and property valuations.
> The value of the property is based on a multitude of factors and the people that invest in commercial are not making an investment in residential.
This represents a set of assumptions about the operation of the market that a durable shift would invalidate; its not a stable situation that supports keeping units empty forever.
For example, the value of the property is based on the last or current rent they have received. It is better for the property owner to not have a tenant, than it is to accept a lower lease because it impacts their financing agreements and property valuations.