NEW YORK CITY—It has been around 100 days since the first COVID case in NYC. As the city begins its Phase 1 of reopening, which includes curbside retail, manufacturing, and construction, there are many impacts to consider.
"No city is more important to the US economy than New York, and no city was hit harder than New York City," explains James Famularo, president of Meridian retail leasing. "This reopening is a strong sign for moving forward, especially in a city where retail accounts for nearly 1 million jobs and a large chunk of NYC's commercial real estate sector."
According to Famularo, who has been closely following the impact of coronavirus on retail, jobs, and commercial real estate, Phase 1 seems to have had very little impact on retail, as most stores are still closed and restaurants can only do pick-up and delivery service. However, he says, there's an obvious increase in people on the streets and cars on the road.
"Most people that we've been speaking to are out until September, which could end up hurting our economy even further," he says. "If Phase 2 is expedited, hopefully at the end of June or early July, then you'll see an impactful change, people will start to get back to their normal schedules and feel more comfortable interacting with one another."
He notes that it is still too early to gauge where retail rents will be once this is over, but he anticipates a 25% to 30% decrease.
Famularo's team has historically negotiated more than 100 retail and restaurant leases annually, using this volume and momentum to serve as the single point of contact for both landlords and tenants seeking retail leasing and advisory services.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
