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Editor, Senior Moderator
Source: https://www.cnbc.com/2021/10/07/mid...from-the-highest-retail-vacancies-in-nyc.html
An entire block of vacant storefronts: Delayed office return plans stymie midtown Manhattan’s recovery
Published Thu, Oct 7 20218:04 AM EDTUpdated 51 Min Ago
Lauren Thomas
A delayed return to office buildings for many workers during the Covid pandemic has been especially harsh on businesses around midtown Manhattan, which has the largest inventory of office space in New York City.
As of this summer, nearly 30% of the retail storefronts in Midtown East and around Grand Central were vacant, according to a new report from REBNY.
That compares with a retail vacancy rate of 28.4% on Madison Avenue, and 20.9% on the Upper East Side.
Before the pandemic, it would take Rob Byrnes at least 15 minutes to wait in line and grab a quick lunch at a fast-casual restaurant in midtown Manhattan. Now, in the minority of people returning to office buildings in the area, Byrnes says he’s in and out with his meal in under two minutes.
But he’d much prefer to be standing in a line full of people again.
“We’re nowhere near where we need to be to have a sustained retail and restaurant climate in this area,” said Byrnes, president of the East Midtown Partnership, a business improvement district that spans parts of the 48 blocks in midtown. “It is still pretty quiet.”...
An entire block of vacant storefronts: Delayed office return plans stymie midtown Manhattan’s recovery
Published Thu, Oct 7 20218:04 AM EDTUpdated 51 Min Ago
Lauren Thomas
A delayed return to office buildings for many workers during the Covid pandemic has been especially harsh on businesses around midtown Manhattan, which has the largest inventory of office space in New York City.
As of this summer, nearly 30% of the retail storefronts in Midtown East and around Grand Central were vacant, according to a new report from REBNY.
That compares with a retail vacancy rate of 28.4% on Madison Avenue, and 20.9% on the Upper East Side.
Before the pandemic, it would take Rob Byrnes at least 15 minutes to wait in line and grab a quick lunch at a fast-casual restaurant in midtown Manhattan. Now, in the minority of people returning to office buildings in the area, Byrnes says he’s in and out with his meal in under two minutes.
But he’d much prefer to be standing in a line full of people again.
“We’re nowhere near where we need to be to have a sustained retail and restaurant climate in this area,” said Byrnes, president of the East Midtown Partnership, a business improvement district that spans parts of the 48 blocks in midtown. “It is still pretty quiet.”...