1. supply more than demand in that area
2. location is not so "wong" cause a bit further away from the main nearby colleges walking distance wise.
3. the accessibility and parking kinda sux there
4. got rumor stories for that location hehe

OT:

Avenue K one big problem was that the owner "jual mahal". they thought they are so great so near KLCC so charge the rents so expensive that everyone just couldn't survive and hence slowly slowly abandon.

The effects of doing such a stupid thing is felt till today. That is why never make the wrong move as it can have permanent long lasting effects!! Only now do they start charging low but the damage is done.