New York City’s Retail Sector Weakens
Since the great economic expansion began in New York City in 2009, retail has added about 60,000 jobs, an eye-opening 20% increase in just six years. But recently employment in the sector has headed south, as shown by the chart, which tracks change from the year-ago month.
The Independent Budget Office first noticed the trend in preparing the economic and budget analysis it released last week. The impact is, so far, modest. The latest Cushman & Wakefield report on Manhattan shows rents rose in five of the neighborhoods it tracks, fell in six and were unchanged in one. The firm tracked rents in the fourth quarter of 2015 compared with the fourth quarter of 2014. Anecdotal evidence suggests retail rents outside Manhattan are rising. See more at Crain’s New York.
