It has been found that New York City’s store vacancy rate has still not recovered to pre-COVID-19 pandemic levels. According to a report released on the 4th by the New York City Comptroller (Comptroller Mark Levin), the overall store vacancy rate in New York City stood at 11% as of May this year, higher than the 10.5% recorded in early 2020, six years ago. In terms of the number of vacant stores, this amounts to a staggering 15,700.
By borough, Manhattan and Brooklyn exceeded the New York City average at 12.9% and 12.3%, respectively, while Queens recorded 9.5%, the Bronx 8.0%, and Staten Island 7.5%. In particular, the Financial District-Battery Park City area in southern Manhattan was the most severe in New York City, with more than one in five stores (21.1%) closed and vacant.
The Old Astoria-Hallets Point area in Queens followed with a store vacancy rate of 20.1%, while Brooklyn’s Ocean Hill and Manhattan’s Tribeca-Civic Center areas both recorded 19.5%, and Brooklyn East New York recorded 19.4%, placing them in the top five.
A more significant concern is that 80 to 90 percent of the vacant stores have been empty for at least nine months, leading to calls for urgent government-level measures.