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Q: Is it a good time to rent retail store space in New York City?
New York and New Jersey real estate attorneys have noticed a recent boom in the opening of new brick and mortar stores throughout New York City.
What is driving the increase of new stores opening throughout New York City?
Lower rents for one thing. Multiple commercial leases have been inked revitalizing neighborhoods throughout Manhattan in part due to asking rent figures dropping as much as 14% from only a year ago. Some retail space rents, including those in Soho, are the lowest they’ve been since 2012.
But these new commercial tenants aren’t your standard brick and mortar stores. The revitalization is primarily sparked by creative-type retailers offering customers “experiential elements that accommodate social media savvy consumer behavior”. So, brands that were born online through social media are drawing traditionally-resistant millennials and others into brick and mortar establishments that offer colorful and creative experiences.
These trendy spaces offer “essentially irresistible waves of now-required Instagram-worthy backdrops for social media posts”. This genius movement by savvy commercial tenants flies in the face of fears that online shopping giants such as Amazon would be the death-knell of brick and mortar retail storefronts and artsy spots. These attractive commercial retail spaces popping up in close proximity to residential areas and tourist hot spots is a win-win for all– and the likely reason long lines snake out the door of trendy new places like the Museum of Ice Cream.
It’s an exciting time to consider leasing your first commercial space in New York City or to make a move to larger or different space.
Contact Merlino & Gonzalez Today to Learn More
If you are a landlord with commercial space to rent or are a prospective tenant interested in leasing commercial space in New York City or New Jersey, or if you have any other questions regarding real estate law, Merlino & Gonzalez can help you. Contact us today to schedule a consultation.
From our offices in Staten Island, New York and East Brunswick, New Jersey, we help clients in both states in all aspects of commercial and residential real estate law.