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2016 Commercial Real Estate Outlook
Retail
HOT METER: 8
With more than 50 million square feet of space in the county, the consumer retail segment is the largest single segment in the commercial real estate mar- ket. It’s also one of the hottest, according to Bob Friedland, CEO of Friedland Realty Advisors, a longtime broker located in Harrison. “The retail market is dynamic,” he says. “In the major corridors, rents are going higher and higher, although there are pockets with vacancies. Overall, it’s pretty tight.”
Emblematic of the sector is the Cross County Shopping Center in Yonkers. “We are 99 percent leased, and our outlook is excellent,” says the center’s senior marketing director, Liz Pollack. The Center announced six new tenants in the fall (four are already open)
Retail centers like Ridge Hilll in Yonkers will continue to expand in 2016. q
and opened a 155-room Hyatt Place hotel last April. It plans three new openings for 2016. Not far away, at Ridge Hill, Forest City Ratner opened nine retailers and announced plans for a Lowe’s store to be built in 2016.
MARKET SECTOR SNAPSHOT
Total Category Square Feet
Retail 50,075,320
Vacancy Rate (%)
8.4
42 914INC. Q1 2016