How Many Vacant Storefronts Does New York City Actually Have?

In recent years, New York City's storefronts have seen big changes, from the trials of the Great Recession to the tribulations of online competitors. But after a recent study suggested that about a fifth of New York's storefronts are vacant, residents are wondering how that could be plausible.

As it turns out, it is—and it could partly be due to landlords worried about settling for lower rents than they are used to.

According to Columbia University real estate professor Patrice Derrington, the commercial real estate market for retail has shifted significantly over the last decade in response to the 2008 economic crisis, as well as changing consumer tastes. But as she told WNYC host Sean Carlson, figuring out the vacancy rate for storefronts in the city is harder than it seems, because rental agreements aren't usually public, leaving experts to rely on anecdotal evidence and decipher whether a shop is there for the long haul or is filling in a gap in the lease.

"No one wants to admit that the major tenant is gone," said Derrington.

What NYC places do you miss? So many are gone...restaurants, shops, etc. And what have they been replaced with?

— Tanzina Vega (@tanzinavega) September 7, 2018