Rents for retail space in New York City have tumbled to historic lows, dropping as much as 25% from 2019 levels, as troubled retailers like Neiman Marcus and Century 21 closed stores and vacancies soared, according to a report Friday.
Key Points
...more- Rents for retail space in New York City have skid to historic lows, dropping as much as 25% from 2019 levels, according to the Real Estate Board of New York.
- Asking retail rents throughout Manhattan during the fall of 2020 declined in all of the 17 corridors REBNY tracks, including pockets along the Upper East Side, the West Village and Downtown.
- More vacancies have cropped up during the Covid pandemic, putting intense pressure on landlords to fill their empty storefronts.
RSK: The author says it will take years to recover but I am betting on New Yorkers` resilience that it won`t take that long once the Covid is handled.
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- - Volume: 9 - WEEK: 3 Date: 1/12/2021 9:37:02 AM -