Manhattan Retail Vacancies Soar

Wednesday, March 8, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Mar 8, 2017

It used to be that taking a 10-minute walk around SoHo meant passing by at least a dozen upstart, trendy fashion retailers eager to sell you a $500 hoodie or $1,000 pair of sneakers. But these days you’re much more likely to see a whole bunch of this:

Manhattan, generally thought to be more resistant to retail cycles than main street America due to its higher income residents and sheer population density, is proving that the combination of the brick-and-mortar retail rout (which we discussed in more depth here), stubbornly high rents and increasing competition from new neighborhoods is taking its toll on the Big Apple’s commercial real estate market. As the New York Times noted earlier today, the retail real estate market in Manhattan is behaving an awfully lot like the luxury condo market with vacancies rising and “foreign money taking a breather.”

The Rest…HERE

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