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Midtown retail report sees slight vacancy increase.

Midtown retail report sees slight vacancy increase

A new survey of retail business in the 53 square blocks of the Grand Central Partnership Business Improvement District released June 10 reveals only a slight increase in storefront vacancies, despite the current recession.

Of the 571 retail storefronts surveyed in November of 1988, 59 were found vacant, for a vacancy rate of 10.33 percent. In the midst of the current recession, 62 storefronts were found vacant out of a total count of 559, for an 11.09 percent vacancy rate. The decrease of 12 in the total number of retail store fronts is attrihuted to buildings demolished to make way for new construction and several stores expandjng into adjacent retail space.

The largest single use of retail space in Midtown is deli/coffee shops. "They occupy 13.6 percent of all storefronts even though their tota number shrank from 86 in 1988 to 76 in 1991," said Elizabeth M. Rodgers, who counsels the Grand Central Partnership on retail improvements and conducted the survey.

The Grand Central Partnership survey found that banks are still the largest service category in the area, numbering 49, down from 52 in 1988. "The use of retail storefronts for banks is shrinking since, with the growing use of teller machines, the function of banking requires less prime retail space," said Rodgers.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Manhattan, New York, New York
Publication:Real Estate Weekly
Date:Jun 26, 1991
Words:224
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