More (indirect) information about the difficulty of retail revitalization in DC

Comes from Charleston, South Carolina, where King Street in Charleston is one of the nation's more successful "traditional" commercial districts.

Wade Spees, Charleston Post and Courier. Upper King Street, south of Spring Street.

According to "How's King St. faring? Opinions run the gamut," from the Charleston Post & Courier prevailing rents are $20 to $40/s.f. and some think that's too high.

Longtime King Street antiques and estate jewelry merchant John Gibson said unless retailers own their building outright, they will have a hard time surviving the stubborn economic downturn. Rents on lower King Street can run from $20 to more than $40 a square foot a year. The average floor retail space for the entire Charleston region as of June 30 was just under $14 a square foot, according to Grubb&Ellis|WRS. ...

"All landlords are cognizant of what's going on with rents and are renegotiating leases," said Dumas, who owns his building at 294 King St. "They don't want to lose their tenants."

Dumas said all retailers are hurting compared with a year ago, but added that King Street will come back stronger once the economy turns.

"Unless you have good credit and cash flow, you are not going to survive this," he said. "No one is out of the woods on this, and no one wants to get further in the woods. There are a lot of healthy tenants on King Street, and not all of them own their space."

In marginal commercial districts in DC, prevailing asking prices for rent are about $35/square foot. Imagine what the rents are in Georgetown or Dupont Circle. On 7th Street NW by the Verizon Center, the prices are $70-$100/s.f.