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Q&A
Vacancy rates by borough and changing business landscape
1:11:39
·
103 sec
Council Member Feliz inquires about vacancy rates in different boroughs and the types of businesses closing and opening in recent years. Commissioner Gross provides insights on borough-specific vacancy rates and business trends.
- The Bronx has the lowest vacancy rate at 8%, followed by Brooklyn
- Growth seen in nightlife businesses, food service establishments, and experiential businesses
- Decline observed in dry goods businesses that face competition from online retailers
- Increase in health care businesses noted
Oswald Feliz
1:11:39
Thank you.
1:11:39
Thank you so much, for your questions.
1:11:42
A few more questions on that topic of vacancies.
1:11:46
So in the Bronx, commercial vacancies have been decreasing and the Bronx has the lowest amount of vacancies.
1:11:52
Is that correct?
Dynishal Gross
1:11:54
8%?
1:11:55
I'm not Bronx, I think, is this lowest, followed by Brooklyn.
Jessica Walker
1:11:58
That's true.
1:11:59
Mhmm.
UNKNOWN
1:11:59
What are businesses that we've seen, number 1, go out of business these past 5
Oswald Feliz
1:12:00
years and also, that we've seen, number 1, go out of business these past 5 years?
1:12:04
And also, the what businesses have mostly opened up?
1:12:07
Are we seeing more retail, restaurants?
Dynishal Gross
1:12:11
So we are seeing, a growth of nightlife businesses, some, food service establishments.
1:12:17
We're seeing a decline in dry goods businesses, so, you know, businesses that sell stuff that New Yorkers needs, the the folks,
UNKNOWN
1:12:27
you know, who might have
Dynishal Gross
1:12:27
sold hats, sporting gear, trophies, those types of things, like, in a in a neighborhood.
1:12:35
Some types of business that I think New Yorkers typically shopped at but can now, you know, have competition from products produced over line and available through major online retailers.
1:12:46
We're seeing some growth in experiential types of businesses, so the bounce yous and the climbing gyms and the ping pong tables and the golf simulators.
1:12:59
And I think there's been some growth, in health care businesses, and, we're happy to follow-up with with more details about the change in business types that we're seeing citywide.
1:13:14
And to food and bev look.
1:13:16
I might so I say the thing, and then they slide me the note to tell me whether I was right or wrong.
1:13:21
I'm right on food and bev.