Re:Rents are dropping across the US
by ghaff on Wednesday June 17, 2020 @05:18PM
(#23556898)
That and even post-COVID a lot of those bars, restaurants, theaters, and nightclubs may not exist any longer.
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Mangattan has been partially a ghosttown even before the COVID pandemic. If you walk around Manhattan, almost half the commercial space is empty, it has been empty for the past few years actually and now getting worse. The bubble is popping
On the other hand it might be a good idea to be on the move and buy/rent something cheap.
Re:Rents are dropping across the US
by ryanwaggoner on Wednesday June 17, 2020 @08:41PM
(#23558569)
Have lived and worked in Manhattan for years, and this is an exaggeration. Retail vacancy rate is more like 12-15% in Manhattan, and lower than that city-wide. It’s a problem, but Manhattan was in no way a “ghost town” with half the stores empty before the pandemic.
In the commercial sense a ghost town compared to 20 years ago when I first moved here. But yes, I think it’s not the right word.
I don’t know any official figure but I’ve seen entire blocks half-occupied or even less than that (storefronts) about half a year ago when I ventured to Manhattan. I was shocked then and imagine it must be worse now. I was reading an article about the real storefront occupancy rate in Manhattan and it is not a known thing. Various realtors have their internal figures but they don’t share it with the world, so any figures may as well be inflated by them. The bubble is wobbly if you ask me