NYC Retail Vacancies Soar Prompting Massive Rent Concessions
zerohedge.com / by Tyler Durden / Mar 28, 2017 2:30 PM
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:
As Bloomberg points out this morning, in the wake of Manhattan’s retail drought, commercial landlords, who have seen retail occupancy levels plummet over the past 12 months, are doing everything possible to avoid big price cuts. Instead, like residential landlords, commercial real estate owners are providing massive rent concessions through things like interior redesigns and moving expenses to keep storefronts from going empty.
The post NYC Retail Vacancies Soar Prompting Massive Rent Concessions appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/03/28/nyc-retail-vacancies-soar-prompting-massive-rent-concessions/
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