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Retail food tenants gain new respect.

Manhattan's retail market, while consistently healthy, has nonetheless witnessed interesting change over the past year. Most notable, perhaps, is the veritable transformation of food retailing in Manhattan's Midtown and Downtown markets, where a new generation of restaurants -- upscale and design conscious with limited and light menus -- has turned such tenants from a liability to a powerful amenity for major commercial office buildings.

Traditionally, owners of prestigious, conservative office towers were reluctant to encourage restaurants to occupy any available retail space in their buildings. And with good reason: Traditional restaurants servicing the working public included heavy-menu diners and coffee shops, takeout delis and pizza parlors. In addition to food, many also provided an unseemly appearance, rodents, garbage and a variety of other maintenance problems for the owner. In short, they were an unwelcome addition to Class A commercial office buildings.
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Title Annotation:Commercial Sales & Leasing; commercial office buildings find restaurant tenants a valuable asset in retail leasing market
Author:Alterman, Gary
Publication:Real Estate Weekly
Date:Mar 24, 1993
Previous Article:Retail lease signings in Paramus.
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