Part 1 of 2
NEW YORK CITY-Investors can continue to witness growth in 2014, especially in Brooklyn where Manhattan vacancy rates and asking rents price out many retailers looking to expand. So says Thomas E. Dobrowski, managing director with Rockwood Real Estate Advisors, a subsidiary of Auction.com, who recently chatted with GlobeSt.com regarding retail in New York City surround the big ICSC NY event.
GlobeSt.com: What are some of the trends you are seeing in NY retail? What is the current retail environment in NY and where do you see it headed?
Thomas E. Dobrowski: The retail vacancy rate in New York City stands at the lowest in the country. This results in fierce competition for available vacant space which has driven average asking rental rates to the highest in the nation and three times the next highest metro. 2013 has been a year of significant rental growth with improving business conditions, home and apartment prices increasing, and employment and tourism on the rise. Investors can continue to witness growth in 2014, especially in Brooklyn where Manhattan vacancy rates and asking rents price out many retailers looking to expand.
GlobeSt.com: What were you expecting from this year's ICSC NY event?
Dobrowski: The evolution of technology, coupled with demographics issues, has determined which retailing formats are likely to succeed. I expect many conversations at ICSC this year to revolve around how traditional brick and mortar stores can keep up with consumers' evolving shopping methods given the ease of shopping online and the continued forecasted growth of e-commerce. Retailers will continue to find ways to increase in-store productivity which will in turn drive redevelopment strategies.
Check back with GlobeSt.com for part 2 of this Q&A, where Dobrowski discusses tourism, job growth, boroughs and more.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
