This is completely obvious to anyone who lives in New York these days. More and more ground-floor storefronts are closing up shop, leaving buildings with unsightly, gaping vacancies.
NYT: The storefront vacancy rate in Manhattan is now at its highest point since the early 1990s — an estimated 6.5 per cent — and is expected to exceed 10 per cent by the middle of next year, according to data gathered by Marcus & Millichap Research Services, a national real estate investment brokerage based in Encino, Calif.
And those numbers do not capture the full story. Some of the more desirable shopping districts are littered with empty storefronts. For example, Fifth Avenue between 42nd Street and 49th Street, the stretch just south of Saks Fifth Avenue, has a vacancy rate of 15.3 per cent, according to the brokerage Cushman & Wakefield.
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