Why does this article confuse Manhattan's vacancy rate with that of the entire city?
Quote:
According to some, the sky is falling. As one representative of the real-estate company Douglas Elliman told The New York Times, 20 percent of Manhattan’s retail space is vacant. A separate survey from Morgan Stanley determined that a similar share of street-level retail space along the borough’s most high-end corridors is “available,” meaning either vacant or seeking a new lease-holder. It’s as if the global capital of capital is becoming a rich ghost town, as I recently wrote.
Or maybe this is an invented crisis. That 20 percent statistic? It’s a complete fabrication, according to Rebecca Baird-Remba, a reporter for the Commercial Observer. Alternative estimates from the city and other real estate companies peg the city’s vacancy rate at 10 percent or even lower.
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One thing I have noticed in the last few years, is that Manhattan doesn't have the monopoly on shopping in NYC that it used to. The SoHo boutiques from the 2000s seem to have all relocated to Williamsburg, and left SoHo for the deep pocketed labels. There is an Apple Store next to Atlantic Terminal in Brooklyn. There are two full size Targets within blocks of each other in downtown Brooklyn and Atlantic Terminal.
New York seems to be getting a bit more poly-centric, as opposed to its traditional hyper focus on Manhattan. This is probably needed for the city to grow, but the development could easily start to feed off of more traditional hubs in the city if that growth is not materializing as anticipated.