June 27, 2017
Even though technology has changed the value that retail stores provide to consumers, location still matters, according to experts Connect Media visited with in the latest video in our New York Series.
“Location is more critical then ever before. If things are not in the spot where they need them to be, I think people are trending towards just going online,” said Saul Scherl, executive vice president for Howard Hughes.
Shoppers are also finding value in experiences. “You’re seeing this very strong shift towards entertainment, food, going out and having an experience, something they are going to remember and experience socially with their friends,” said Amira Yunis, executive vice president for CBRE.
Location is also still important for office real estate. “I do a lot of work with boutique financial services firms, a lot of hedge funds, and even though everyone asks about Midtown South… 90% of my clients are still ending up in… Midtown, the mid-40s to Central Park, Third Avenue to Sixth,” said Evan Margolin, executive managing director for Savills Studley.
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