The latest report from Marcus & Millichap forecasts a promising future for the New York City retail market in 2024. According to John Horowitz, senior vice president and northeast division manager, the market is currently undergoing a dynamic phase of recalibration with potential for growth. Notable comebacks are being seen in traditional areas such as Times Square and Madison Ave, while prime residential neighborhoods like Brooklyn and Queens are becoming increasingly attractive to investors.
Insights from the report highlight the significant recovery of retail tenants in Times Square, with citywide expectations that retail sales will surpass $200 billion due to demand for services in residential zones. The report also suggests potential growth opportunities in Brooklyn and Queens as well as rising tourism numbers and increased interest in alternative real estate locations like Long Island City.
This forecast by Marcus & Millichap indicates an optimistic outlook for NYC’s retail sector without mentioning any specific brands or companies associated with it.
