Fifth Avenue Losing Luster as Vacancies Climb, Rents Fall – The Wall Street Journal.
Landlords marketing to premium retailers are finding it harder to lease out properties that would once attract top dollar brands. As the retail industry continues to shift, the vacancies in many malls and shopping outlets continue to increase.
The properties located in common luxury markets are no longer insolated from the issues facing the broader industry. In NYC, the famed Fifth Avenue is losing its attractiveness, despite being in the largest city in the United States.
People can buy many luxury brands and products via online channels without the hassle associated with parking, traffic, and other shoppers.
Amazon Picks NYC, Northern Virginia for Its HQ2 Locations (WSJ) https://www.wsj.com/articles/amazon-hq2-announcement-lic-crystal-city-nashville-1542121089
After reviewing proposals from 238 cities filled with proposed tax breaks and other incentives, Amazon selected two highly affluent cities to house it’s new headquarters. Not many suspected the HQ2 project would lead to more than one location.
As Google previously announced it’s own NYC expansion, it will interesting to see how Mayor de Blasio and re-elected Gov. Cuomo plan to handle further challenge to it’s already overstretched public infrastructure. Taxpayers will probably see their bills increase as investments are made to transportation and housing for 25,000 workers, many not already in the city.
The fanfare is over. Amazon made its decision. Now, the remaining cities will now figure out what is next.