Shopping Centers Today

DEC 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 116 of 143

D E C E M B E R 2 0 1 6 / S C T 117 Average retail asking rents per square foot Manhattan $156 East Side $220 West Side $140 Midtown $208 Midtown South $153 Downtown $151 Upper Manhattan $73 New York City retail completions (000's square feet) 2013 820 2014 2,220 2015 1,370 2016 2,600 Retail sales growth 2013 4.8% 2014 5% 2015 3.8% 2016 3.5% Sources: Marcus & Millichap; REBNY presence in Manhattan. The first, according to Consolo, is "food as fashion, everything related to food, whether it's fast-casual, fine dining or food halls," she said. "They are going in office buildings and in residential buildings and commercial buildings where they never took food before." Among the food purveyors scouting Manhattan locations are Au Bon Pain, Le Pain Quotidien, Maison Kayser, Pret A Manger and Sweetgreen. Consolo points to Manhattan's large population of Millennials as a major draw for these retailers. "It has a lot to do to with the shopping patterns of the Millennials, because 60 to 70 percent of their discretionary income is spent on food," said Consolo. For one thing, New Yorkers clamor for Hawaiian poke-themed restaurants based on the style of cooking that uses fresh fish, says James Famularo, a principal and senior director of New York City–based brokerage firm Eastern Consolidated. The concept has blossomed since showing up in Manhattan in late 2015, Famularo says, as the restaurants begin to approach >>

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