RETAIL ON UPSWING
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|NYC retail is very strong in most areas, and owners are making office buildings more retail oriented since it’s a major driver of rising building prices and low cap rates, Levin Management president & COO Matthew Harding tells us. He’ll join a panel of experts next Monday at Bisnow’s New York Retail Summit—join us to hear the latest from the sector.|
|Levin reps one of the owners of the Paramount Building in Times Square, home to the Hard Rock Cafe, Bubba Gump Shrimp Co, Carmine’s, Lids, and Yankee Clubhouse. In areas like this, space is very limited and rents are climbing upwards, particularly on the avenues, Matt says.|
|Above: last year’s retail summit. In the ‘burbs (Levin manages 9M SF in the metro), leasing has jumped in the past six months for a wide range of tenants, including grocery stores, national apparel, and restaurants. Velocity has particularly increased in Class-A shopping center s, and there’s now a much larger rental and occupancy gap between these centers and non-Class-A properties.|