you’re wrong too. Banks don’t stop owners from offering incentives or rate reductions or anything else. It is ALL market driven. Space is getting filled if it’s in market and there is a demand. The bulk (if not all) vacant space is in crime infested, blue areas that are run by people destroying the municipality.
For anyone that thinks a landlord/owner WANTS to sit vacant, you’re utterly clueless.
Information about British problems during 2007 to 2018:
https://www.recapitalnews.com/a-wake-up-call-from-retail-covenant-breaches/
The problems seemed to mostly resolve by 2015 & 2016.
Debt yield covenants are usually by the whole property apparently, but obviously exceptions to the general ratio have to be most carefully limited.