Q&A
Current vacancy rates in New York City
0:57:40
ยท
107 sec
Council Member Amanda Farias inquires about specific vacancy rate statistics for New York City. Commissioner Dynishal Gross provides information on citywide and borough-specific vacancy rates, as well as trends over time.
- The citywide vacancy rate is 11%
- The Bronx has a vacancy rate of 8%
- Vacancy rates have declined over the last year (4 quarters)
- Rates vary significantly by corridor, with some pockets of higher vacancy
- SBS tracks changes in occupancy through quarterly on-the-ground surveys
- The agency can analyze vacancy data from pre-pandemic baseline through current fiscal years
Amanda Farias
0:57:40
Got it.
0:57:40
And do you folks I just wanna go over some vacancy rate quick questions.
0:57:44
Do you folks have the percentage the current percentage of vacant storefronts in the city?
Dynishal Gross
0:57:49
It's, 11% citywide.
Oswald Feliz
0:57:53
And do
Amanda Farias
0:57:53
you have that borough specific vacancy rates by any chance?
Dynishal Gross
0:57:56
Yes.
0:57:57
Do we have it here in my binder?
0:57:59
If not, I've got it.
Amanda Farias
0:58:01
Yeah.
0:58:01
You can if you can send it if you don't have it.
Dynishal Gross
0:58:03
That says 8%.
0:58:04
The Bronx is 8%.
Amanda Farias
0:58:05
Oh, thank you for knowing that.
0:58:08
With 2 Bronx members, that's a good thing to remember.
0:58:11
And do you happen to know if the numbers have increased over the past 3 years at any point?
0:58:16
And if so, by what rate, if you know it?
Dynishal Gross
0:58:18
So it's it really is very different by corridor, so we're happy to follow-up with more details citywide.
0:58:23
Helpful.
0:58:24
Vacancy rates have declined over the last year, so over the last 4 quarters.
0:58:28
But as I said, it varies by corridor, and there are some pockets of higher vacancy.
Amanda Farias
0:58:34
That's great.
0:58:35
And do you folks keep track of or have the average amount of time a vacant storefront remains vacant?
0:58:47
Are we getting that micro and minuscule in some of our corridors?
Dynishal Gross
0:58:54
I'm I'm not sure I've seen exactly that number, but we can track the change in a space from occupied to vacant or vacant to occupied because we're doing quarterly.
0:59:05
The the vendor who we have tracking vacancy is doing quarterly on the ground surveys, to determine that change.
0:59:12
So it's possible to analyze from the vacancy data, which, was first baselined pre pandemic, and then I think there was some gap in in data collection.
0:59:23
And we've been contracting with them for 2 fiscal years now.
Andrea Tan
0:59:26
Okay.
Amanda Farias
0:59:26
I'll send some follow-up questions on the vacancy stuff because I think they get a little particular, but I'm very interested in it.