More Empty Storefronts In SoHo, Report Says

SOHO, NY — The number of available storefronts in SoHo, one of Manhattan's most packed shopping districts, has jumped in the second half of 2017, according to a new report.

Storefront availability in SoHo has increased to 23.1 percent in the second quarter of this year, according to a data analysis provided to the Wall Street Journal by the law firm Cushman & Wakefield. This jump in available storefronts in a typically packed commercial neighborhood comes with a dip in rent prices, according to the report. Asking rents for ground floor real estate has dropped from $541 a square foot in 2015 to $478 a square foot this year. (For more information on this and other neighborhood stories, subscribe to Patch to receive daily newsletters and breaking news alerts.)

In recent decades, SoHo has transformed from an industrial neighborhood favored by artists for its cheap rents to a haven for high-end retailers.

Lead image credit: Spencer Platt / Staff / Getty Images News.