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Retail By City

city rank #4

City Overview

New York City is the United States’ most populous city, the epicenter of American retail and the location of some of the globe’s most renowned attractions, from the Statue of Liberty, to cultural institutions like the Museum of Modern Art and the Metropolitan Museum of Art, to the 843-acre Central Park in Manhattan. It’s home to highly skilled, educated and diverse residential and worker populations. New York is also the most popular tourist destination in the country, with more than 62 million visitors annually, including 12 million foreign visitors expected in 2018. New York City’s Gross City Product is comparable to the GDP of many developed countries. This supports a robust retail market. Three dense office markets and a concentration of upper income households have led to the city’s retail sales growing for eight straight years, supporting a large, diverse landscape of retailers. Nearly all demand indicators—including employment, residential population and household income—are poised for more future growth, though the persistence of a strong dollar could continue to curb foreign tourists’ spending.


After a period of strong leasing activity and extremely high rent growth between 2010 and 2014, in which asking rents more than doubled along the 16 main corridors Manhattan, well beyond the level of rental growth across the rest of the country. New York City’s retail market levelled off over 2015 and 2016, and now is recording rental decline and availability has increased. Although some pullback has occurred, current asking rents are still twice as high as in 2010 on the main corridors. However, tenant activity is increasing, particularly in restaurant and fast-casual restaurant categories, as well as fitness, medical, health & wellness and ‘clicks to bricks.’


New York City’s shopping scales from the luxury corridors of Upper Madison Avenue to upscale boutiques of SoHo and local designers and eclectic shops in Brooklyn. Fifth Avenue retail rents between 49th and 59th streets are the most expensive in the world, with tenants ranging from Bulgari and Cartier to Uniqlo. Times Square, with is robust tourist traffic and large surrounding residential and office populations, continues to be a vigorous submarket with little availability along the "Bowtie" from 42nd to 47th streets where Broadway and Seventh Avenue intersect. Experiential retail like the NFL and Cirque du Soleil’s interactive experience, National Geographic Encounter: Ocean Odyssey and M&M’s World attract tourists and families. Restaurants in New York City range from the likes of Eleven Madison Park, which was voted the best restaurant in the world in 2017, to any cuisine from around the globe imaginable across the five boroughs. 

Things to do

See

Work

Things to see in New York City from a real estate point of view are Rockefeller Center, Times Square, World Trade Center, Santiago Calatrava's Oculus, The Empire State Building, The Flatiron Building.


Rest

Things to see in New York City from a leisure perspective are Central Park, The High Line, Madison Square Park, Washington Square Park, Bryant Park and Columbus Circle in Manhattan, as well as the recently opened Domino Park and Prospect Park in Brooklyn.


And be seen

Eat

New York City offers a large variety of dining options and is constantly attracting new restaurateurs that cater to all types of people. New York City classics like Gramcery Tavern and Union Square Cafe are amongst some of the most well known restaurants in the city, along with fine dining like Eleven Madison Park, Masa, Jean-Georges and Per Se. Foods halls like Eataly and Urban Space are popular with tourists and New Yorkers. 


Drink

New York City's nightlife has something to offer for everyone, ranging from large table service nightclubs; Marquee and Lavo among others, to rooftops offering stunning views of the city like Le Bain and Mr. Purple, and smaller jazz bars downtown, college bars and large dance hall spaces. 


Be Merry

New York City is home to the MoMa, The Whitney, The Museum of Natural History and The Metropolitan Museum of Art. Additional attractions include the Empire State Building, "Top of the Rock", One World Observatory, Chelsea Piers, the many theater's in Times Square and Madison Square Garden.