Friday, August 11, 2017

SoHo is Getting Pounded by the Retail Storm

Image result for soho retail space for rentThe SoHo neighborhood of Manhattan once was a retail juggernaut, with hip boutiques battling national luxury retailers for scarce storefronts whose rents only went up.

Then the retail storm that is buffeting malls across the U.S. slammed into this once impenetrable shopping fortress.

Storefront availability has spiked to 23.1% in the second quarter of this year, up from 4.7% at the end of 2011. Meanwhile, asking rents for ground-floor retail spaces have fallen 12% to $478 a square foot in the second quarter, down from $541 at the end of 2015, according to real estate services firm Cushman & Wakefield.. . . more

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