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New York & Tri-State  + New York  + Retail  |  March 15, 2024
Emily Fu
By: Emily Fu

Marcus & Millichap: NYC Retail Sets for Recalibration 

Marcus & Millichap has released its 2024 New York City Retail Commercial Real Estate Market Forecast report, indicating a dynamic phase of recalibration and potential growth.  

“The New York City retail market is in a dynamic phase of recalibration and likely growth. Traditional areas like Times Square and Madison Ave are making notable comebacks, while retails strips in the prime residential neighborhoods of prime Brooklyn & Queens are becoming even more attractive for investors,” said stated John Horowitz, senior vice president & northeast division manager. 

Key insights from the report include the significant recovery of retail tenants in Times Square, a citywide anticipation of retail sales surpassing $200 billion, driven by demand for services in residential zones, and the potential for growth in Brooklyn and Queens. Additionally, the report notes rising tourism numbers and the increasing interest in alternate real estate locales like Queens’ Long Island City. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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