Earlier quoted context omitted.
Not just high end real estate. Your local mom & pop in a strip mall somewhere (at least in the US) has a high chance of paying % of gross receipts to the landlord + rent. This may vary by location and landlord but it absolutely is a thing. And a guarantee for any high-end, high-traffic location.
Demand and supply. As long as there is a marketplace and people have a choice, the market will balance. I have friends in strip mall businesses and they have moved locations for better landlords.
I mean, consultants, they grow on trees and I know what I'm talking about, I sometines interview new hires as part of my job. Developers, less so.
I don't have an explanation for this, it's a strange effect. But it's just an example, I have observed multiple times this unexpected deviation from the law of supply and demand.
My point is, this law is not a sure fire way to explain any price.