Storefront vacancies in Manhattan have risen to 12.4%, the highest rate since 2001, reflecting...

Storefront vacancies in Manhattan have risen to 12.4%, the highest rate since 2001, reflecting the continued pullback in consumer spending. Average asking price may decline from $109/square foot to $98 by year-end.

Comments

[Archman Investor]

I have said it before and I will say it again. The age of excess consumerism is over. Done.

By the time this all ends, half of all retail stores will be, and remain vacant for all time, or until someone has the sense to bulldoze them to the ground and create some much need park space for our children