Why do small-bay tenants renew at 70%+ vs 55% for large-bay?
Geographic captivity — no comparable alternatives exist. A 10,000 SF OCP contractor faces 4.3% vacancy locally, 5.5% in 33rd Street, 2.4% in CBD/WP. Moving to Apopka or West Orange means 45–60 minute service radius instead of 20 minutes. The cost of staying always beats the cost of moving. Each non-turnover saves the investor $10–$25/SF in TI and leasing commission.