Rising Lease Rates Drive Old Establishments in Downtown Austin to Close
Nothing is constant in this world but change, and there's nothing we can do about it whether the changes that will come are good or bad. And while it's good news that downtown Austin is undergoing quick progress, some "bad things" simply can't be helped.
Due to the excessive inflation of lease rates brought about by the development and intense demand in real estate on downtown Austin, some establishments in the area simply can't keep up and need to close.
Recent news reports cover the unsettling stories of old-worlde establishments in Austin closing down due to drastic increase in lease rates demanded by their landlords. Local restaurant Fork & Vine on West Anderson Lane was forced to close due to climbing rent; End of an Ear record store at Slackerville also suffered the same fate. But the most heartbreaking of all is the end of a haberdasher-- Keeper's Menswear will no longer operate in its current location after deciding not to renew the lease. How could they, when there is a 40% demanded increase?
While it saddens the hearts of local Austinites how things are changing in the downtown area, let's hope for the best that the new things coming our way can be as good as how things have been before all this mayhem.