Tourism, Demographic Shifts Drive Retail to Boroughs

NEW YORK CITY-Record high tourism and changing demographics in New York City are driving demand for retail to Brooklyn, a report from Marcus & Millichap shows. The recently released Retail Research Market Update highlights how record high tourism in Manhattan and the movement of more office workers to the boroughs have brought about this shift.

The phenomenon of more affluent workers moving to the boroughs has been covered by GlobeSt.com recently, for instance with Forest City Ratner signing over 570,000 square feet in leases in Downtown Brooklyn. Much of that space represents renewals, but some of those renewals include companies looking to expand their space.