Empty Retail Space In NYC Has Doubled In The Past Decade

by MR Magazine Staff

Despite the city’s economic expansion, empty retail space has doubled since 2007. That was the key finding in a report released by city Comptroller Scott Stringer on Wednesday. Using administrative data from New York City property tax filings, Stringer’s office analyzed the five boroughs and found that while retail vacancies are extensive in Manhattan, rates are the highest in outer-borough neighborhoods with large retail spaces such as malls. These outer-borough neighborhoods, such as Staten Island and Queens, have vacancy rates of almost 11% and 7%. In Manhattan, the vacancy rate rose steadily from 3.3% in 2007 to 5.2% in 2017. Read more at Crain’s New York.