The study indicates that approximately 16,000 of the city's 143,000 storefronts were empty in the third quarter, resulting in a vacancy rate just above 11 percent.
Jonathan Bowles emphasized the impact of food businesses, stating, "It's remarkable how few storefronts are vacant today, and so much of it is about food coming to the rescue."
As the city emerges from the pandemic, food and drink establishments, especially those influenced by Mexican, Japanese, and Caribbean cuisines, are leading the revival of storefronts.
The consistent decline in empty storefronts over four quarters suggests a significant recovery, particularly in boroughs outside Manhattan where vacancy rates are healthy.
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