Brief

Turning a Corner: NYC Retail Emerges from Covid

December 5, 2022

Teeming streets, crowded trains and bustling shops attest to Manhattan’s long journey back to vibrancy from the depths of the Covid-19 pandemic. New York City’s resilience is rooted in its robust cultural attractions, densely populated communities and international appeal as a travel and leisure destination.
While New York Tri-State saw a population shift to the suburbs in 2020, pre-pandemic habits are re-emerging with population gains expected in the urban core.
New York City hotels are enjoying high levels of occupancy but the greater retail landscape still awaits the full return of international tourism, an outsized driver of leisure spending.
With pandemic fears no longer playing into office occupancy calculations, the future office worker population appears to be normalizing. Despite the renewed vibrancy and ubiquitous feeling of recovery in the residential and hospitality sectors, the long-term effect of reduced office occupancy on retail corridors remains unknown.
The city faces challenges – and opportunities – in its ongoing recovery which will continue to play out in 2023.