Everything’s On The Table In COVID’s Era Of Renting And Reinventing
Even before the the pandemic the outlook for brick-and-mortar retail stores was dim. That outlook darkened as store shuttered and consumers stayed home.
The Real Estate Board of New York (“REBNY”), a leading New York State real estate trade association, has documented just how bleak things have gotten in a report on retail rents and availability.
Since the fall of 2019, available retail space, depending on location, increased up to 67 percent. Over the same time period, the asking prices per square foot fell on average 13 percent and rents in executed leases were 20 percent below asking prices.
