Search
 

C&W Sees Retail as the 'Next Big Story'

NEW YORK CITY-Plans are in the works to establish a major Lower Manhattan retail corridor what will stretch from river to river, even as retail leasing continues to pick up in the rest of Manhattan, according to Ken Krasnow, executive managing director and head of Cushman & Wakefield's New York offices.

By Melissa Kress | Updated on October 03, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-As more tourists visit the city and companies continue to lease-up available space throughout Manhattan, Cushman & Wakefield is keeping its eye on retail as the market to watch.Specifically, according to Ken Krasnow, executive managing director and head of C&W’s New York offices, the firm is following plans for the creation of a major Lower Manhattan retail corridor from river to river. “Retail will be the next big story in the recovery of Lower Manhattan,” he says.And other areas of the city are also seeing a surge in retail transactions with strong retail leasing activity continuing in the third quarter of this year, he adds. Notably, banks are continuing to take corner locations, sparking bidding wars in some cases, and international retailers are competing for prime space. The retail market is also seeing non-traditional retailers continuing to lease space as part of their branding strategy, such as Apple Computers deal at 767 Fifth Ave, according to Krasnow. “Available retail space is decreasing and asking rents are increasing all over Manhattan,” he adds. “And we continue to see strong leasing in SoHo.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.