Friday, 17 July 2009

Manhattan retail vacancy rate rises above 12%

More evidence that rampant consumerism is over from this report from Bloomberg.
Manhattan shopping strips from the Upper East Side to SoHo are flooded with empty storefronts. The borough’s second-quarter vacancy rate rose to 12.4 percent and now stands at the highest since 2001 as rising unemployment and the recession curb spending, according to data compiled by Faith Hope Consolo, chairman of the retail leasing and sales division at Manhattan- based Prudential Douglas Elliman Real Estate.

“The consumer just stopped shopping,” Consolo said.

More than 15 percent of the 185 stores on Madison Avenue between 57th and 72nd streets are vacant or about to lose tenants, according to New York-based broker Cushman & Wakefield Inc. In SoHo, 11 percent of the 551 stores are listed as available for lease. About 9 percent of the 265 stores on the Upper West Side are without tenants or soon will be.

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