Friday, September 27, 2019

NYC retail vacancies doubled over 10 years

Retail Dive
The amount of empty retail space in New York City has doubled in the last decade or so​, as the citywide vacancy rate soared by almost 50%, according to a comprehensive report released Wednesday by City Comptroller Scott Stringer. The vacancy rate rose from 4% in 2007 to a high of 5.8% in 2017, according to the report. That year, there was an extra 5.2 million square feet of vacant retail space compared to 2007, rising to over 11 million square feet.

The sweeping analysis of 24 neighborhoods shows that vacancy has expanded across all five boroughs, according to the report. . . . more