The pandemic and soaring rents left thousands of storefronts boarded up in New York, but restaurants reopening signal a return to normalcy and economic vitality.
Catering businesses, especially those with Mexican, Japanese, and Caribbean cuisine, are driving New York’s commercial revival, particularly in boroughs outside of Manhattan.
Approximately 16,000 of the city's 143,000 storefronts were vacant in Q3 2024, with a gradual decline in vacancy rates across the city.
Storefront vacancy rates in places like Queens, Staten Island, and the Bronx have dropped below 10%, indicating a healthy commercial environment.
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