Why NYC’s Empty Retail Space Surplus Isn’t Fazing Developers

by MR Magazine Staff

Some 1.2 million square feet of newly minted retail space are coming to the Manhattan leasing market at three major new developments — Hudson Yards, Manhattan West and Essex Crossing — even as vacant stores blight almost every part of Manhattan. Yet many retail landlords and brokers had a “What, Me Worry?” reaction to our Sunday column that forecast a ghost-town future for many streets and avenues. Although most of the new product is spoken for, like Neiman Marcus’ 250,000-square-foot department store at Related Companies’ Hudson Yards, it’s far from fully committed. Westfield America still has unleased space on its hands at the World Trade Center more than two years since its Oculus mall opened. Read more at New York Post.