Retail Space Sizes Shrink During Recession

How did the recession affect retail space size in Manhattan? According to the following article, an increasing amount of businesses are now opting to set up shop in smaller spaces. In fact, certain spaces that were formerly occupied by one tenant, are now being leased out to multiple tenants, so as to form a configuration of shared space. Now that the economy is on the mend, how will retail space sizes accomodate the improving real estate market? In The Wall Street Journal, Laura Kusisto specifies how retail space in NYC is changing: “Or take the massive former Borders at Penn Station, which measures about 24,000 square feet, just steps from Madison Square Garden. Vornado is now trying to move a bank into the space and divide up the bank’s former space into multiple restaurants, according to brokers familiar with the space. ” Read the entire article here

 

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