Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
A few weeks ago, I went on my annual voyage to Uniqlo in Soho. I don’t like going to Soho: it’s way too crowded and overwhelming and I never really know where the clothes that I need are actually in the store.
But I managed okay (I went with my girlfriend – who helped me), but I was surprised about all of the vacant storefronts that lined Broadway in Soho. Across the street from Uniqlo, there was a row of, say, four empty retail spaces, all with “for rent” signs hung in the windows. I had heard a little about commercial real estate struggling, but didn’t really believe it. But seeing all the empty storefronts made me reconsider.
In Bushwick and Bed Stuy, I currently have three commercial listings — and potential tenants call about them pretty often. They’re sort of smaller spaces, one in Bed-Stuy, and two in Bushwick, good spaces for a small restaurant or convenience store. There’s been no shortage of leads.
But seeing all the empty storefronts in Soho made me wonder about the future of commercial real estate. Is something actually happening?
An article in the Real Deal recently explained that high interest rates have slowed the construction of retail construction, and therefore supply is way lower for retail. There’s been a lot of demand for the limited spaces. The article says: “New development in the sector has slowed amid rate hikes and high construction costs, keeping supply in the market constrained.”
So while that’s true. Why so much empty space in Soho?
According to an article in the NY Post from last year, the Pandemic and the online buying revolution has slowed the lease up of certain retail listings. I think that things will change. Price is everything. Perhaps if some of the owners of these Soho storefronts adjust the price to reflect new market conditions, their spaces might lease up?
Either way — yeah, sure, maybe there was a market shift following the Pandemic, but from what I’ve read, and noticed with my smaller Brooklyn commercial listings, retail is far from dead.
Call me if you need help renting a commercial space.
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.