Bargain Basement Lease Rate

A reader sent me this real estate listing for a nice building downtown.

Obviously rentals are being reduced because of what the City is charging for the sublet at the Canderel building and because we have a huge office vacancy rate (30-50% depending on whom you ask).

So not only is the City competing with the private sector, its low rates are pushing rates down too at a time when we have a glut of office space and no reason to hope that people are moving back downtown.

His comment:

"Instead of $3.50 why not simply say ZERO. Amazing where this city has gone to in such a short period.