Prices for retail real estate are down and clothing chains are looking to cash in on the market. There was practically no demand for space in November, December, and January, but things started picking up in February. Topshop continues to scout for a second location in high-traffic areas, possibly 34th Street. Nordstrom is looking to open a store in Manhattan, finally. Real-estate insiders are being hush-hush about which stores are eyeing which spaces, but a number of deals are in the proposal stage, according to WWD. Stores are trying to get the best deals for their money and landlords are trying to squeeze every last dime out of possible tenants.
This does not mean clothing stores will take over all the vacant ground-floor commercial real estate in the city, sadly. Just because there’s more, cheaper real estate doesn’t mean everyone’s not broke anymore. Stores have plans for the year of how many stores they’re going to open, and they’ll probably stick to those plans. Many stores are probably just looking to move to better locations.
So who knows how many of these deals will go through. Because no matter what the market’s like, looking for real estate in Manhattan is always basically the most difficult and loathed activity in the entire world.
I'm glad that I have been blessed to own some property in Manhattan, only because the value almost always goes up no matter what. Knowing that people are starting to spend helps people else where because if companies and investors are spending on real estate in Manhattan and finding deals, there are crazy deals available else where around the country. So if you have the cash on hand to invest this is the best time to because the values have pretty much bottomed out."G"
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