New Report: Citywide Storefront Vacancies Decline, but Some Neighborhoods Still Face 20% Empty Retail Spaces

New Report: Citywide Storefront Vacancies Decline, but Some Neighborhoods Still Face 20% Empty Retail Spaces

New York, NY - The Office of New York City Comptroller today released Who's Minding the Storefront? An Analysis of Storefront Vacancies, a comprehensive assessment of storefront vacancies across the five boroughs. While the citywide vacancy rate is improving, the study found recovery since the COVID-19 pandemic has been uneven, with as much as 20% of storefronts in some neighborhoods sitting empty.

"Retail storefront occupancy is a key indicator of the economic health, vibrancy, and strength of a neighborhood, as well as our entire city," said City Comptroller Mark Levine. "This report gives us a clear picture of how we've recovered since the pandemic and provides a clear roadmap for the areas we still need to address. As we rethink the future of New York City's economy, we must remain focused on cultivating the conditions to help entrepreneurs thrive, in turn modernizing, sustaining, and growing our commercial corridors."

Storefronts create local jobs, economic activity, and increased foot traffic. Some 15,700 spaces across the city are currently unoccupied, amounting to a vacancy rate of 11%, or roughly a half-point above the pre-pandemic level. The report highlights the following key concerns:

• Uneven Post-Pandemic Recovery. While the vacancy rate sits near its level more than six years ago, the issue today is a hyperlocal one. Parts of Lower Manhattan/Battery Park City, Northern Brooklyn, and Western Queens continue to see rates near or above 20%.

• Vacancy is Concentrated. The report found vacancies are clustered - a storefront located within one block of a vacant property is 30% more likely to be unoccupied itself than the typical storefront citywide.

• New York City is an Outlier Among Peer-Cities. Vacancy rates in some New York City neighborhoods are notably higher than what is seen in peer cities across the country.

• Long-Term Vacancy Remains an Issue. When storefronts close, they often remain empty for months or years. A concerning 80-90% of vacant storefronts in many neighborhoods at the start of 2026 had sat unoccupied for at least nine months. Some corridors have battled multi-year vacancies.

• Chains are not Overtaking Small Business Storefronts. While the emergence of larger, chain-style businesses seems to have displaced many small businesses, the report found a resilience within the "mom-and-pop" sector. The report found 84% of the 96,500 storefronts occupied by a small business in early 2020 were either still operating or replaced by another small business.

Support for small businesses has been a central focus for the Comptroller's Office. Last week, Comptroller Levine announced a new partnership with Hebrew Free Loan Society to deliver a total $8 million in interest-free loans to small businesses. Eligible low- and middle-income entrepreneurs will be able to access loans of up to $60,000 at zero-interest, offering a vital alternative to high-interest debt and predatory lending that too often burden small business owners seeking to expand, hire, or stabilize operations. For more information about interest-free loans for NYC small businesses and how to apply, visit HFLS.org/small-business.

You can read the full report by clicking here: https://comptroller.nyc.gov/reports/whos-minding-the-storefronts

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