Hoboken Retail Real Estate
8/13/2009:
How bad is retail Real Estate?
Like I mentioned in a recent post about shopping local – I believed that even though the national economy is suffering pretty bad in many areas – Hoboken is probably a bit better off (so far.)
But you still have a commerce center uptown (right near the flooding from this morning’s water main break), empty shops along Washington Street, and Maxwell Place, which is has ever-so-slowly reached a supposed “75% Commit Rate” (including a PNC Bank!)
Hoboken411 reader YipYap mentioned this story in the NY Times, quoting: “But the retail market turned rotten, awful, godforsaken” -Benjamin D. Jogodnik, an executive with Toll Brothers’ City Living division”
The Times piece is positioned as “some sign-ups despite downturn,” but what does that really mean? Is it a “fluff piece” to nudge others into joining them? Or just a way to make really bad news seem not so bad?….
What will it take for the retail economy to recover?
There’s 4.5 million square feet of empty retail, commercial and entertainment space 5 miles from Hoboken.
http://en.wikipedia.org/wiki/Meadowlands_Xanadu