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Nolita is the Next Retail Hot Spot

NEW YORK CITY-Stores are being pushed out of Soho and other traditional retail corridors due to skyrocketing prices.

By Rayna Katz | Updated on May 24, 2013

NEW YORK CITY-The strength of the retail sector is forcing some players to look beyond traditional streets and—in continued good news for the segment—create new shopping areas.

The Nolita neighborhood has become an “affordable hip alternative to Soho,” says a new report by CBRE on local retail in the first quarter.  “Average asking rents are significantly lower in Nolita than in Soho, so companies like Tory Burch, Rebecca Taylor and Scotch & Soda are among retailers who have opened their first Manhattan stores in Nolita,” says Andrew Goldberg, EVP, CBRE retail group, in an announcement of the report. “Elizabeth Street is Nolita’s high street and has average asking rents in the $125-to-$275 per square foot range, while Soho’s main corridor of Broadway between Houston and Broome Streets is in the area of $760 for average asking rents and rising rapidly.”

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