November 15, 2021
Real Estate

Food & beverage fortifying commercial NYC real estate market

Shrugging off the pandemic’s impact on sales, supply and hiring, food-and-beverage uses continue to lead all retail-leasing categories in the Big Apple – and the lead even grew larger over last year.

We had a look at some not-yet-released CBRE data which show the extraordinary resilience of edibles and drinkables in today’s historically challenged retail-leasing market.

In 2020, F&B leases comprised 28.6 percent of all retail deals in terms of number of locations, compared with 17.6 percent for runner-up apparel. The F&B square footage of 242,713 square feet handily bested 179,076 for apparel uses.

Runner-up categories financial services, jewelry, cosmetics and health care lagged far behind.

The data for 2021 to date show even greater F&B strength.

It accounted for 31 percent of all retail deals, trailed by apparel at 17.1 percent. Although square footage…

Read full article here: nypost.com