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Greenwich Village Commercial Vacancy Report - Final

Greenwich Village Commercial Vacancy Report - Final

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Published by Michael Rabinowitz

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Published by: Michael Rabinowitz on Jun 26, 2012
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06/26/2012

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Villagers for a Sustainable Neighborhood
 
Report on Commercial StorefrontVacancies around proposed NYUexpansion site
Vacancy Rates in Greenwich Village Higher thanthe City Average
June 26, 2012
 
 
Villagers for a Sustainable NeighborhoodReport on Commercial Storefront Vacancies around proposed NYU expansion site
Release Date: June 26, 2012Introduction:In an effort to assess the proposal by New York University to expand its “core” campusand create additional commercial space in Greenwich Village, the Villagers for a Sustainable Neighborhood studied the number of vacant storefronts in the neighborhood to determine theneed for additional commercial space and the potential consequences of the plan. The studyfound that:1.
 
Greenwich Village’s observed vacancy rate of 7.7% was higher than the City average of 2% (Table 1)2.
 
Increasing commercial space would exacerbate this and put existing businesses at risk Methodology:Over the course of three days of field research (May 30-June 1), every block in theaffected area was profiled and the number of vacant storefronts was recorded as well as the typesof businesses present. Several blocks were identified as being particularly noteworthy for their high vacancy rates (Image 1). The data was collected in the area most directly affected by the proposed expansion.
 
Findings:There is a vacancy rate of more than five and a half percent in the observed area. In theGreenwich Village section of the observed area, this rate was found to be nearly eight percent,higher than the City-wide average. According to findings by the CoStar group
1
, New York’sretail vacancy rate is two percent.

1
MarketTrend:NewYorkCity'sRetailVacancyStaysat2.0%
 
0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%TotalObservedAreaGreenwichVillagePoronofObservedAreaSoHoPoronofObservedAreaCityRate
TotalStorefrontVacancyRates
Observed(May2012)CoStarGroupFindings(May2012)

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