The astronomical prices paid for NYC retail projects are causing new owners to expect unrealistic rents from retailers, RKF's Lara Keene and Jeremy Ezra tell us. Lara (out of the Chicago office) and Jeremy (based here) say the market should eventually correct itself once landlords are ready to make deals that are more in line with what tenants can afford.
Winick's Kelly Gedinsky was busy launching her new listing (with teammates Jeff Winick and Melinda Miller) at 1441 Broadway right behind Times Square. 74k SF of retail is available, including the possibility of over 12k SF of LED signage. Kelly (center) is joined here by Tyler Bennett, Louis Eisinger, Keri Dugan, Darrell Rubens, Lee Block, Patty Holmstrom, Jordan Kaplan, and Michelle Loeb at the firm's bustling booth.
The rise of e-commerce and the fall of the US economy led to fewer retail deals over the past five years, JLL Americas retail chief Greg Maloney tells us. But with the economy back to pre-recession levels, retail deals are starting to close in big waves, especially around hot job growth markets on the coasts. Bricks-and-mortar stores are more resilient than even the harshest critics thought, Greg says, since there's nothing like an in-person experience: "You can't replace the touch and feel aspect of retail."
Increased activity is causing retail owners to rethink existing properties, says Cushman & Wakefield Americas retail head Matt Winn. Dormant shopping centers are having to evolve, he adds, which means adding a unique mix of uses like healthcare instead of the same old fashion and food options. It also means adding newer local concepts to centers to spice things up.
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