Why New York Will Rise Again

September 28, 2020 | Real Estate

New York city will rise again because there is no place like NYC. The pessimists say that the city will never come back. However, one thing the pessimists fail to consider is how much people love New York City and how much the city loves them back. No other city in the world allows one to walk around from place to place and truly live locally in one’s neighborhood like New York can. Here, are the most notable reasons why some people think New York will not be the same again, and why they are wrong:

“Empty retail storefronts are on the rise”

Due to the increase in online shopping and technological advances in the retail world, NYC’s retail spaces were already on the steep decline regardless of COVID-19. The virus only exacerbated what was already taking place. With more retail spaces coming on the market, landlords will have to get creative on how they rent their space. This will allow for new businesses and brands to enter the previously price-discouraging ecosystem and drive new innovation and diversity.

“Commercial office buildings are ghost towns”

New York City is contracting, so it is not surprising that growth-based investment opportunities are declining. However, it is important to note that all of the United States is simultaneously learning to navigate the current situation. This year, Forbs predicted that the coronavirus pandemic will cost the U.S. Economy about $8 Trillion dollars in aggregate.

When the recession is over New York City will be one of the first cities to come back because it has the existing infrastructure to support a booming recovery. Although commercial office buildings seem like ghost towns, it is only due to the COVID-19 pandemic and the associated legal liability of a potentially hazardous work environment. Once the danger to employees is addressed, companies will once again seek to utilize their most expensive real estate assets and re-establish the office culture that best encourages productivity in which management can confidently operate in.

“Top restaurants are closing”

Even though many restaurants are closing, the ones that remained open have a better ambiance than ever before. The restaurant scene has improved outdoor seating capabilities, resembling the restaurants of our European cousins. It’s a new vibe and feels even like prohibition era. Even if restaurants are closing, the restaurants that are left are still the best in the world.

“Rise in crime is not decreasing the appeal to raise families in the city”

Even though the crime rate has increased, the resulting unrest and increase in poverty is one that usually accompanies a recession. New York City will be unstoppable once the economy improves. There are still thousands of families still living in the city. People who live here want to rebuild their communities and make it better than ever before.