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NYC Set for 5M SF of New Retail This Year
For evidence that retail development is alive and well, at least in key markets, look to New York City. Marcus & Millichap reports that roughly five million square feet is set for delivery this year, including 1.7 million square feet that’s already on line.
“Several of the year’s largest deliveries are projects that have been in the news for several years,” according to Marcus & Millichap’s second-quarter report. 2019 has already seen the Shops & Restaurants at Hudson Yards on Manhattan’s Far West Side and Empire Outlets on Staten Island open their doors.
The pace of deliveries “will potentially cause issues surrounding lease-up, particularly in Manhattan where more than a third of the space is underway,” the report states. “However, owners have begun to compete more aggressively for tenants, which has slowed rent growth from the high single digits, a trend that will intensify as the year progresses.”
Pictured: Shops & Restaurants at Hudson Yards
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