NYC Retail Vacancy Rates Dropping Amid Leasing Shift From Long-Term to Shorter, Try-It-Out Leases: Market Researcher

The vacancy rate of retail locations in New York City is down near pre-pandemic levels at around 11 percent, according to the City Council. This comes as a shift is becoming evident in leasing strategies, with tenants turning away from paying big rents on long-term leases in favor of pop-up, 6-month leases to try out new locations, according to Paco Underhill, the CEO of Peckshee LLC and the founder of market research and consultancy firm Envirosell.

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