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Favorable Exchange Rates Bolster NYC Retail Activity

NEW YORK CITY-Manhattan will continue to attract institutional and foreign capital as high barriers to entry limit competition, while the outer-boroughs will see activity rise from private buyers, J.D. Parker, vice president at Marcus & Millichap’s Manhattan offices, tells GlobeSt.com.

By Jacqueline Hlavenka | Updated on March 02, 2012

NEW YORK CITY-With a record of 50 million visitors spending an estimated $32 billion annually in New York City, robust tourist volume and favorable exchange rates are spurring demand for retail space in Midtown, Downtown Brooklyn and Lower Manhattan, industry sources tell GlobeSt.com. According to new research from Marcus & Millichap, Manhattan will continue to attract institutional and foreign capital as high barriers to entry limit competition, while the outer-boroughs will see activity rise from private buyers.

“We expect rents to continue to go up, and a lot of it is tied to how the tourism market is, which was a record last year,” says J.D. Parker, vice president and regional manager of Manhattan, White Plains and New Haven offices at Marcus & Millichap, in an interview with GlobeSt.com. “Certainly there has been some challenges in Europe and China has slowed down a bit, but New York City is the number one destination, we think, for tourists not just domestically, but also internationally coming to America. It is the first stop and it is the gateway really for the world.”

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