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REBNY Calls for Action Amid Looming Midtown Retail Vacancies
Nearly 30% of storefronts in Midtown Manhattan’s office-dependent retail corridors, specifically Midtown East and Grand Central, are unoccupied as of this past summer, the Real Estate Board of New York says in a new report.
The report says continued high retail vacancies are slowing the city’s economic recovery and likely leading to a net loss of city and state tax revenues. In 2019, New York City’s overall retail sales contributed $55 billion in taxable sales to the city’s economy.
“The health of the retail sector plays an essential role in New York City’s full economic recovery,” said REBNY president James Whelan. “The public and private sectors need to focus on measures that continue to increase vaccination rates and safely draw office workers back to the central business districts to ensure the storefronts and retail businesses that constitute the fabric of our city experience a strong and full recovery.”
- ◦Lease
- ◦Economy
