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Q&A
Current storefront vacancy rates and trends across NYC boroughs
1:21:42
ยท
179 sec
Commissioner Dynishal Gross provides detailed information on current storefront vacancy rates across New York City, highlighting improvements and borough-specific trends.
- Citywide vacancy rate is 11.4%, which is more than 99% back to pre-pandemic levels.
- Outer boroughs, particularly the Bronx and Staten Island, have shown the strongest growth and have surpassed their pre-pandemic levels.
- Manhattan has the highest vacancy rate at 14.2%, while the Bronx has the lowest at 8.2%.
Dynishal Gross
1:21:42
Thank you chair Feliz.
1:21:45
We have worked closely with the support of a great local business, you name them Live XYZ, to track changes in vacancy rates on commercial corridors citywide and we have seen five straight quarters of decreased storefront vacancy when we look at the citywide level.
1:22:11
The current rate is 11.4%, which means that citywide we're more than 99% back from the pre pandemic levels of vacancy.
1:22:22
That's decline in vacancy rates citywide for five consecutive quarters which is certainly related to the strong small business creation that we have seen in the city under this administration.
1:22:35
In terms of the distribution of vacancy, we're seeing the strongest growth in the outer boroughs.
1:22:42
The Bronx and Staten Island have both surpassed their pre pandemic levels, so fully recovered with higher vacancy rates in Manhattan, Brooklyn, and Queens.
1:22:54
So in terms of a citywide breakdown, the citywide level is 11.04%.
1:23:02
In The Bronx you win at 8.2% cheerful lease vacancy followed by Queens which is at an 8.7% vacancy rate.
1:23:15
Staten Island actually should be between there, they're at an 8.6% vacancy rate.
1:23:21
Vacancy rates across the borough of Brooklyn currently are slightly above the citywide rate at 11.9 and Manhattan with some persistent pockets of vacancy is at 14.2% borough wide.
Oswald Feliz
1:23:38
Sorry, point two you said?
Dynishal Gross
1:23:41
Yes, 14.2%.
1:23:43
And Chair Felice, in your particular district, the vacancy rate is 9.66% that is the live XYZ calculation as of the February, which means that you are eight percentage points below the vacancy rate in the first quarter of FY twenty.
Oswald Feliz
1:24:05
Oh very nice.
1:24:06
So we're back to pre pandemic levels.
Dynishal Gross
1:24:08
Yes sir.
Oswald Feliz
1:24:08
Very good.
1:24:10
Can you give us a breakdown of vacant citywide vacancy rates for the last I guess whatever information you have in front of you it could be the last three three to four five years citywide vacancy rates.
Dynishal Gross
1:24:21
So chair if it's alright with you I'd like to so we have seen improvements in vacancy rate every year, excuse me, every quarter for the five quarters but I'd be happy to follow-up with more details on those vacancy changes broken down on a borough basis once we conclude the hearing.