Traditional Retail May Be Waning, but NYC Retail Space Won’t Give Way to Residential or Office Use
October 6, 2014Traditional Retail May Be Waning, but NYC Retail Space Won’t Give Way to Residential or Office Use, Say CRE Execs, Predicting Rents Won’t Fall
Under pressure from Amazon and other online sellers, traditional retail may be dying, but that doesn't mean that retail space in New York will disappear. Real estate executives are convinced that New York City storefront space will still be used for selling and won't be repurposed for residential or office use, according to a survey of top-level NYC commercial real estate executives, including owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space. Retailers that sell physical products will give way to those that sell "experiences," such as restaurants, bars and fitness businesses, according to the Summer 2014 Gotham Commercial Real Estate Monitor.
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