- Employment
- New York City "Fashion Industry" employment is currently
(4th Qtr 2003) 67,963. This is a drop of 6.5% from the 1st quarter
2003. The manufacturing portion of the "Fashion Industry" is
currently 37,568, almost 5,000 fewer employees compared to the 1st
quarter 2003 total of 42,536.
- Manhattan "Fashion Industry" employment in the 4th quarter
2003 was 50,030, a decline of 2.8% from the 1st quarter 2003. The
manufacturing portion of the "Fashion Industry" represented
44.7%, a decline of 8.3% from the 1st quarter 2003. The wholesaling
sector increased slightly from 27,109 to 27,666 between the 1st quarter
and 4th quarter of 2003.
- "Fashion Industry" employment within the Fashion Center
BID (i.e. Zip Code 10018) is estimated to be 25,226 significantly
lower than prior years, and slightly lower than the 1st quarter 2003
figure of 25,956. Manufacturing employment (Apparel & Textile)
has declined by 5.7% in the last year and 36.8% since 2000.
- As of the 4th quarter 2003, the "Fashion Industry" currently
represents 29.2% of the total private sector employment in the BID,
its lowest level ever. The manufacturing sector only represents 13.1%
of BID employment.
- Retail Market Profile
- There is approximately 1.56 million square feet of retail space
in the BID. The vacancy rate of 10.3% is a decline from last year's
rate of 12.3%. Most of this vacancy is along the side streets and
there are many retail spaces currently under renovation for redevelopment
that has increased the vacancy rate.
- Retail sales volume is estimated between $600 million and $620
million; however, many of the retail apparel and fabric stores do
a large wholesale volume as well.
- The current resident market has $172 million in retail potential,
due to both population and income increases. The employee market
has $1.03 billion in potential also up due to new office developments
in the area.
- Market growth will increase demand for an additional 185,000 square
feet of retail space, and the untapped potential if recaptured, can
support another 299,400 square feet of space.
- Real Estate Profile
- Total space availability declined from 3,714,000 square feet to
3,318,161 square feet. This caused the availability ratio to decline
from 14.5% to 13.2%. The decrease in availability was across the
board. Avenue buildings went from 2,339,000 square feet to 1,979,000
square feet, and Side Street buildings, went from 1,381,000 square
feet to 1,339,100 square feet. This decreased availability from 13.8%
to 12.7% in Avenue Buildings and from 16%to 14.0% in Side Street
Buildings.
- Office rents have either held steady or increased slightly. Side
Street Buildings have an average asking price of $21.81 per square
foot., although some are asking upwards of $35.00 per square foot.
This is comparable to last year's survey. The Avenue Buildings
have an average asking price of between $31.58 per square foot, although
some are asking upwards of $49.00 per square foot. Asking rents don't
always reflect the underlying status of the market where transactions
have incorporated a variety of concessions designed to offset rental
prices.
- Retail rents are still quite high. Broadway retail space asking
rents range from $110 - $200 per square foot; Seventh Avenue from
$150 - $200 per square foot; Sixth Avenue from $125 - $170 per square
foot; Eighth Avenue from $90 - $125 per square foot and the side
street locations from $35 - $80 per square foot.
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