BY THE NUMBERS
NYC’s rapidly rising retail market
$18 billion
Total visitor spending from New York City tourism in 2003.
$70 billion
$1,000
Price-per-square-foot barrier broken by Prada when it renewed its lease on Broadway and Spring Street in Soho in April, setting a new record for Downtown Manhattan.
Projected total visitor spending from New York City tourism in 2013, up from $55 billion in 2012. Number of locations that New York City’s top five largest chain retailers (Dunkin’ Donuts, Subway, Value of Black Friday Starbucks, MetroPCS and receipts for the entire U.S. Duane Reade) had in 2008. over Thanksgiving weekend in 2012.
1,127
$59.1 billion
1,717
2nd place
W
ith the holiday shopping season now in full swing and retailer players gathering this month in
Midtown for the annual International Council of Shopping Centers convention, it’s a good time to stop and assess the ever-rising retail market in New York City. This month, TRD does just that, looking not just at escalating rents and values, but also at the factors fueling spending, including foreign tourists, the proliferation of chain stores, and the nonstop gentrification of farflung outer-borough neighborhoods. B Y E VAN B LEIER
12 percent
New York City’s overall retail vacancy rate in 2009.
5 percent
New York City’s overall retail vacancy rate today.
$130
Average per-squarefoot retail asking rent in Manhattan, representing an 18 percent jump over the $110 average asking rent a year ago.
New Listing By the Numbers
Fifth Avenue’s ranking on the list of most expensive retail locations globally, with rents averaging $2,500 a square foot on the thoroughfare in the 50s.
1st place
Hong Kong Causeway Bay’s ranking on the list of most expensive retail locations globally, with rents averaging $3,017 a square foot.
100 percent
The four priciest retail locations in the U.S. are all in Manhattan, with Times Square, East 57th Street and Madison Avenue ranking after Fifth Avenue.
69 percent
Growth of retail rents on Broadway in the Financial District over the past year — a bigger rise than any other Manhattan neighborhood.
Number of NYC locations those same retailers had in 2012, constituting a more than 50 percent rise.
41
7-Eleven stores that were added to the city between 2008 and 2012, including locations on the Bowery, near Union Square and close to the Barclays Center.
1
Number of gyms in Brooklyn’s BedfordStuyvesant, after Planet Fitness inked a new 22,500 lease there in October.
42 percent
Growth in the number of restaurants in New York during the 2000s, from 5,610 to 7,966 citywide.
Sources: Douglas Elliman, Integra Realty Resources, Real Estate Board of New York, NYC & Company, NYC government, National Retail Federation, Cushman & Wakefield, Crain’s New York, Center for an Urban Future, Winick Realty, U.S. Census Bureau.
38 EAST 85TH STREET, PENTHOUSE | $6,900,000
NIKKI FIELD Senior Global Real Estate Advisor, Associate Broker | 212.606.7669 | nikki.field@sothebyshomes.com | www.nikkifield.com
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24 December 2013 www.TheRealDeal.com
11/26/2013 4:14:48 PM