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True not by huge amounts on average, but never the less given the rise and continued increase in property taxes landlords are often willing to do a deal.
Larger question is what sort of business makes sense to open these days?
Reason why so many "mom and pop" or whatever retail businesses have and or are going under is not just competition from Internet. But fact nearly all operate on very tight margins. As such they are extremely venerable to changes in not just rent, but labor, energy and other costs. All of which have gone up in NYC.
Case in point, on the UES near co-workers apartment person or persons opened an "organic" shoe store. It lasted barely a year before going out of business. The place has sat empty ever since. Previous to that it was a real estate brokerage office that lasted about a year or so, then it folded.
Today if anyone notices you find mostly food, bars, take-out such as pizza, barbers, nail salons, etc.... Places that provide services or things you cannot get from say Amazon or Jet. That is the sort of business anyone these days needs to consider opening. The days of having a small shop that sells "trinkets" or whatever is long over. People can get that stuff on eBay, Esty, or elsewhere on line for less.
quote:
Case in point, on the UES near co-workers apartment person or persons opened an "organic" shoe store.
Yes! Too many morons with family money coupled with lax bank lending led to really stupid crap that no one except their mother would buy. I see these new businesses pop up all the top in my neighborhood. Then thy wonder what went wrong.
NO ONE WANTS ORGANIC SHOES
NO ONE WANTS to pay 10 dollars for a bowl of Kix(tm) Cereal with locally sourced breast milk
NO ONE WANTS to.. i could go on and and on and on and on and on. (there's a finite amount to how many well-heeled trust funded babies can open up yoga studios on one block, no?)
Screw them, let the market decide. I would not give a crap if 90% of the retail in my neighborhood went away since they were never producers anyway, just takers. Just cornballs with glitter in their corneas and daddy's rent check guaranteed on the 1st of the month.
quote:
Case in point, on the UES near co-workers apartment person or persons opened an "organic" shoe store.
Yes! Too many morons with family money coupled with lax bank lending led to really stupid crap that no one except their mother would buy. I see these new businesses pop up all the top in my neighborhood. Then thy wonder what went wrong.
NO ONE WANTS ORGANIC SHOES
NO ONE WANTS to pay 10 dollars for a bowl of Kix(tm) Cereal with locally sourced breast milk
NO ONE WANTS to.. i could go on and and on and on and on and on. (there's a finite amount to how many well-heeled trust funded babies can open up yoga studios on one block, no?)
Screw them, let the market decide. I would not give a crap if 90% of the retail in my neighborhood went away since they were never producers anyway, just takers. Just cornballs with glitter in their corneas and daddy's rent check guaranteed on the 1st of the month.
From what one understands (again from the co-worker who knew the place) these were "immigrants" who opened the organic shoe place. This is not uncommon as immigrants make up a large percentage of people who go into business for themselves.
Online shopping hasn't helped it much, and I won't claim to be innocent of this. People now love online shopping MORE than chain stores even. I come home from work and sometimes have to crawl over Amazon boxes in the lobby to get to my front door (exaggerating a bit, but not much lol)
I used to love online shopping but with that becoming increasingly the norm, package theft has also been growing. And ever since Amazon started using USPS (instead of UPS) as their main shipper, packages are not being delivered.
I'm sick of getting the "your package has been delivered" alert only to find that it hasn't been delivered at all. And only when I complain, lo and behold the package shows up the next day. Or the alert says "your package could not be delivered due to denial of access" when I've been home all day long waiting specifically for it, another bogus claim. Now, I have all these bonus reward points from Amazon because each time I complain they give me these points to keep me "a happy Amazon customer" but what good are they if I'm hesitating ever ordering from Amazon again. So...I'm a bit off on online shopping as of late.
Much of the empty retail one has seen is zoned for commercial (ground floor) retail, and thus cannot be turned into residential easily if at all.
And hence the reason why they just sit empty gathering dust and rodents and becoming eyesores dragging the once bustling neighborhood down even further. Someone has to come up with something because I've seen these empty lots just remaining empty for years on the UWS and UES and it's a shame. They could be used for something...!
And it's not only Manhattan. I see empty retail spaces along Northern Blvd in Queens and parts of Flushing. Prime spots but empty spaces just gathering dust.
The landlords want medical offices, law offices, banks as tenants but they're not biting. So, they just sit...empty.
And hence the reason why they just sit empty gathering dust and rodents and becoming eyesores dragging the once bustling neighborhood down even further. Someone has to come up with something because I've seen these empty lots just remaining empty for years on the UWS and UES and it's a shame. They could be used for something...!
And it's not only Manhattan. I see empty retail spaces along Northern Blvd in Queens and parts of Flushing. Prime spots but empty spaces just gathering dust.
The landlords want medical offices, law offices, banks as tenants but they're not biting. So, they just sit...empty.
There are so many law offices, banks and so on to go around...
And hence the reason why they just sit empty gathering dust and rodents and becoming eyesores dragging the once bustling neighborhood down even further. Someone has to come up with something because I've seen these empty lots just remaining empty for years on the UWS and UES and it's a shame. They could be used for something...!
And it's not only Manhattan. I see empty retail spaces along Northern Blvd in Queens and parts of Flushing. Prime spots but empty spaces just gathering dust.
The landlords want medical offices, law offices, banks as tenants but they're not biting. So, they just sit...empty.
But I'm wondering what's going to happen to all the empty stores. Mom & Pop stores were the first to go. Now, chain retail and restaurants aren't faring any better. If it causes rents to significantly drop maybe those stores will eventually come back? Or will it all turn residential? I doubt it's just going to stay empty to rot. Hmmmm....
I have a feeling that NYC is going to turn into something similar to one of China's ghost cities--just tons and tons of vacant spaces everywhere "owned" by somebody waiting...waiting...waiting...waiting for the moment when people move in...if it takes years, a decade or longer.
And hence the reason why they just sit empty gathering dust and rodents and becoming eyesores dragging the once bustling neighborhood down even further. Someone has to come up with something because I've seen these empty lots just remaining empty for years on the UWS and UES and it's a shame. They could be used for something...!
And it's not only Manhattan. I see empty retail spaces along Northern Blvd in Queens and parts of Flushing. Prime spots but empty spaces just gathering dust.
The landlords want medical offices, law offices, banks as tenants but they're not biting. So, they just sit...empty.
Not really....
There are two parts to this situation, and one of them are those who would be potential tenants of retail/commercial space.
As one alluded to previously with competition such as Amazon and other online you have to have some rock solid business planning and or whatever if you plan to lease a retail space. Never mind that the standard for generations has been nearly half (or more) of all new businesses fail, and that was *before* the internet came along.
Many people are finding they are far better off working out of their home, garage, shared office space or whatever than committing themselves to retail rent.
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