Find in the news:
BY COUNTRY

Store rents have collapsed in New York City



Massive store closures have pushed commercial rents to historic lows.
New York, Fifth Avenue - depositphotos.com

For retailers around the world, 2020 has been a tough year. A series of significant brand bankruptcies and store closings, including many chain stores, at virtually every player in the market, has resulted in many locations being empty by early 2021. And for New York City retailers, rents have fallen so much due to the high number of vacant spaces they have been recording falls to historic lows. 

According to the city's Real Estate Board, rents for retail space fell 25 percent from 2019 levels in the fall of 2020. Space owners are now finding it hard to fill stores and are being forced to make unprecedented concessions. Even in New York City's most expensive shopping district, along Fifth Avenue from 49th Street to 59th Street, the average asking rent fell 8 percent to $2,618 per square foot. 

After analyzing vacancy rates and rents in Manhattan's traditionally busy retail space, the council concluded that some retail corridors have seen vacancy rates increase from 6 percent to 67 percent since fall 2019. 

The lowest asking rent areas were also identified as SoHo, upper Madison Avenue, and upper Fifth Avenue. The weakest rents have not been recorded here in at least a decade. The city's most popular retail corridors are now experiencing a shortage of tenants, suggesting a market shift amid a coronavirus pandemic that no one could have predicted. 

Photo credit: depositphotos.com.

More about shopping malls in the USA



DAY BEFORE YESTERDAY, Japan:
The top floor of the world's most popular Japanese department store now has its cafe.
DAY BEFORE YESTERDAY, USA:
The owners of the American Dream decided not to wait until the luxury "Avenue" was at least half full.
Sep 17, 2021, USA:
The retailer is ready to invest in retail development in the U.S. market, which was hit by the crisis.
Sep 17, 2021, Spain:
Worldwide sales are recovering, both at retail and through online channels.
Sep 15, 2021, France:
The total area of the new retail space in the Madeleine area will be 724 square meters.
Sep 14, 2021, USA:
The 30-day subscription, which allows you to buy one taco a day, costs $5 and $10.
Friend
and Follow
Jardim Pamplona GLA:118 403 SF
ADDRESS: R. Pamplona, 1704 - Jardins São Paulo
Brazil . Sao Paulo
Jardim Pamplona
Mall of Tripla GLA:914 932 SF
ADDRESS: Veturitie 13
Finland . Helsinki
Mall of Tripla
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping
I Viali GLA:452 084 SF
ADDRESS: Via Dei Cacciatori 111 - 10042 Nichelino TO - Piemonte
Italy . Torino
I Viali


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us