Rockefeller Center intros six-month lease deals for retailers

Real estate researcher CoStar this week reported that sublease space in the second quarter reached 157 million sq. ft. or 1.7% of the total office inventory. That’s also creating availability in retail spaces in urban centers like New York City, where Rockefeller Center is doing something about it.

Rock Center operator Tishman Speyer has introduced a new retail real estate initiative it calls RC Capsule, a six-month leasing program for retailers that it promotes as “bringing together the best of retail, real estate, and technology.”

Tishman’s aim is to use available space to give omnichannel retailers the opportunity to test their concepts in one of the nation’s most highly trafficked urban retail districts—minus the encumberment of a long-term lease...
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RSK: This is already a trend in office and retail...shorter and shorter leases.

Ken Notes: If we did it correctly our Madison public market could off low cost short term leases to start-ups to test a concept. The proponents of the market do not seem to be developers so they have very fuzzy numbers. Someone needs to step in an help...