Hot shopping areas in New York are also barren-some with vacancy rates hovering at 20 percent. Banks and drug store chains seem to be the only survivors. Some neighborhoods are seeing commercial leases down 30 to 40 percent.
But there are still a few holdouts waiting for deep-pocketed tenants.
The city is floating the idea of fining those landlords that hold out for too long and real estate experts say it’s a buyer’s market but warn that to be successful retailers have to offer more to consumers than ever before.
CGTN’s Karina Huber reports.