Crain’s reports that upper Broadway has become “ripe for the picking” for national chains, as the empty storefronts in the area have been increasing while rents have been dropping. In fact, asking rents for retail space on Broadway between 84th and 100th have dropped about 20% from the commercial real estate peak two years ago, and actual taking rents are close to 40% lower. Unfortunately, the trend of availability increasing and demand staying low has continued with the recent closing of The Gap at 86th and Broadway and (The Gap is still open at 86th and Broadway… thanks to a My Upper West tipster for the info) the only major opening announced coming from Urban Outfitters, which is moving into a space on Broadway between 99th and 100th. With the economy turning around at a snail-like pace, there’s no telling how soon the empty storefronts on upper Broadway might get filled, and how low asking rent prices may go.
Filed under: News, Upper West Side, Upper West Side Blog 1 Comment »
Tags: Openings/Closings, Retail Rents, The Gap, Upper Broadway, Urban Outfitters