Sign Of The Times
Fifth Avenue at 44th Street in Manhattan. The sign says, "Flagship retail space. Design your own flagship store. Up to 40,000 square feet available for lease."
A part of the city coveted by almost every type of business, getting hawked on the street like a knock-off Rolex...
posted by The Cunning Realist at Friday, February 06, 2009
17 Comments:
Manhattan, meet middle America. We've been there, and doing that.
I take a nightly walk around Beverly Hills -- it's starting to happen here, too. Are commercial vacancies a lagging indicator, or a leading indicator?
The trend is to move out of the high rent districts.
Ought not to be a pretty sight/site
I think we're in the "middle of the beginning" of this.
We developed retail space and capacity (of everything) to support a level of consumer activity that was only possible with yesterday's housing values, equity lines and credit.
Much like cities who developed a housing stock for a million people by 1950, and now have 700K residents.... there will be vacancies. Add to that the fact that taste, style and preferred locations change, and you get even MORE vacancies.
It will be interesting to see what retail survives, and what style in preferred on the other side of this mess - whether we still need 1000 different cereal choices, big box retailers, or whether Costco carries the day.
I'm just glad I'm entering the period with no debt.
Of course, all of this discussion is moot, since Obama is going to fix everything.
Face it. America signed it's fate in 2004. The damages will not be reversed in my lifetime.
An FDR on steroids wouldn't help us now.
No, Obama won't and can't fix it.
We are all Zombies and are in shock and trying to deal with denial big time.
Typical California story, 5 years ago I bought a home here for a little above average price at$450K and thought I was late in the game yet values kept going up to the point where 3 years ago a home from the same developer and the same style as mine sold for $1 Million. Now, that same house has been on the market for $750 then $650K with no buyers. Zillow shows the value at $500K. So, why am I not happy, I still have equity right? No, I pulled out a HELOC for $150K and spent $130K to upgrade and landscape. The bank has reconsidered and cut off the other $20K. So now I am actually upside down even when factoring in my downpayment. In addition my retirement fund is down 50% and my wife is going to be unemployed at the end of the month. Needless to say, we are not buying anything but necessities now. I know that there are people in a lot worse shape than we are and we are thankful for our home and neighborhood, but retail stores are going to be hurt real bad due to situations like my family is facing.
History records that massive government spending can stem the tide and if kept in place long enough, may even begin a reversal.
I'm a firm believer that those Republicans grandstanding in Congress should forfeit any stimulus money for their districts.
Loose lips and idiocy should have consequences.
Look ... we have let New Orleans drown ... no reason not to let FL, GA, TX, MS, etc. fend for themselves.
I'm tired of the b***sh**
Worse: Sign of the Times?
Ben Lomond Madoff Victim, 90, Returns To Work
Sure wish folks would get really mad at Wall Street's thievery, and our feckless Congress, rather than shrugging their shoulders and saying what can be done about it. We aren't powerless... or are we? Basically what we are all saying is, it is okay for Wall Street to steal, and we can't change it. Nothing will ever change with that attitude. Ho hum :-(
Why isn't Bernie Madoff in jail? Is he not a thief and con man, and represents Wall Streets common ethics? Sure throw Marion Jones in jail as an example to the profession. She didn't hurt anyone. But let Bernie Madoff, who stole people's money, misrepresented his business, destroyed lives and families, and contributed to the financial collapses of a Nation and World, and he gets house arrest. And this is Justice? Holy Smokes!
One of the vertical malls on the Mag Mile has been virtually empty for some time. Now it's being converted to empty office space.
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