The number of vacant storefronts citywide has continued to decline. Image Credit: Google Maps.
On November 15, 2024, Department of City Planning (DCP) Director Dan Garodnick released new data showing the city’s storefront vacancy rate is down to 11.1 percent. This marks the fourth straight quarter of declining vacancy.
In comparison, a survey of 24 corridors across the city during summer 2020 showed inactivity rates of over 30 percent. Queens, the Bronx, and Staten Island all have borough-wide vacancy rates below nine percent, although some higher vacancy rates persist, especially in the Manhattan core. The analysis also shows that roughly one in three of the city’s storefronts have opened since 2020, signaling economic recovery from the COVID-19 pandemic. The data in this report will allow the City to better target programs like public space improvements, support for local nonprofit partners, and cutting red tape for entrepreneurs.
More specifically, the Storefront Activity in NYC Neighborhoods report tracks openings, closures, and changes in tenancy for more than 143,000 storefronts across the five boroughs based on newly available data from LiveXYZ, illustrating the shifting makeup of commercial businesses.
The report reveals a long-term shift toward food, drink, entertainment, and other “experiential” storefront businesses, and away from “dry goods” retail like clothing, electronics, and home goods stores. From the beginning of 2020 to the third quarter of 2024, the city had 1,350 new food, drink, and entertainment businesses, with growth in this sector for all five boroughs. Additionally, many Business Improvement Districts (BIDs) have fewer vacant storefronts than their surrounding neighborhoods.
This report is the fourth of its kind and the first to use comprehensive Live XYZ data. The findings will be used to improve and more carefully target policy interventions and public realm improvements to continue the city’s economic recovery.
To read the report in full, click here.
Dan Garodnick, Director of the Department of City Planning stated, “Vibrant, activated streets and storefronts are the heart of New York City, and this new report shows how much progress we have made to support small businesses and local communities. Building on this progress, we will continue to drive New York’s economic growth and help storefronts and communities thrive in a 21st century economy.”
Jason Greenwald, Live XYZ Founder & CEO stated, “Live XYZ is proud to provide NYC with accurate data about every storefront on every block, delivering transformative visibility into what’s happening citywide. Data and insights from the NYC Live Map help more than 30 agencies and 90 neighborhood organizations revitalize neighborhoods, allocate resources efficiently, and drive local economic growth.”
By: Cassidy Strong (Cassidy is the CityLaw intern and a New York Law School student, Class of 2025.)