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Ground floor availabilities smaller in Q1, potentially in response to changing retailer needs

• In accordance with a city-wide trend of decreasing store formats, the average size for ground floor available retail space decreased in nearly all the prime submarkets tracked in the first quarter of 2018; the lone exception was in Lower Fifth Ave, where it remained the same.

• It appears that this change could be a response by landlords to accommodate the needs of tenants, who are interested in “doing more with less” by incorporating technology and leasing smaller blocks of space.

• The most drastic change occurred in the Times Square corridor, which saw its average store size decrease by 23.6% quarter-over-quarter. 

Source: JLL Research

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