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