Q&A
Current vacancy rates and trends for storefronts across New York City
1:08:05
ยท
107 sec
Council Member Bottcher inquires about current storefront vacancy rates in New York City. Commissioner Gross reports that the citywide vacancy rate is about 11% and there have been four consecutive quarters of declining vacancies. The commissioner promises to provide more detailed data on vacancy rates by borough and geographic area.
- SBS has invested in vacancy tracking and analysis
- Vacancy rates vary by corridor when compared to pre-pandemic levels
- SBS can provide more detailed analysis, including data for Business Improvement Districts
Erik D. Bottcher
1:08:05
Commissioner, you testified that you've, that that you've testified that the city has seen 4 consecutive quarters of declining storefront vacancies.
1:08:18
Could you, tell us again what the current vacancy rate is for storefronts across New York City and how does that compare historically?
1:08:28
We've had 4 consecutive declining quarters, but how does that compare to the pre pandemic years and what would you consider a normal or a healthy vacancy rate for storefronts?
1:08:44
So council member Batcher, I would love to share, more specific insights with you from our vacancy tracking.
1:08:51
That is data that we have.
1:08:53
So this isn't you know, let me try to research this and get back
Dynishal Gross
1:08:57
to you.
1:08:58
It's just to have the right details in front of me, and we're happy to circle back quickly with that because this is a a part of our work that we've invested in and, we're we're proud of.
1:09:08
So, besides being able to say that the citywide vacancy rate is about 11%, that we have seen an overall reduction in vacancy citywide, and, you know, it varies by corridor how the current vacancy rate compares to pre pandemic levels, and I'd love we can give you that.
1:09:30
In I'm I'm let me ask my staff in terms of the the level of analysis for the commercial vacancies.
1:09:37
We certainly have it on a borough level, but we may have some finer geographic distinctions as well.
1:09:42
I know that we have it, for example, for our business improvement districts, I believe, from the baseline data to the most updated data.
1:09:50
So we're happy to circle back with that.
1:09:52
Yep.