Abrams of The Lansco Corp.: The market is hot, hot, hot now!

Name: Robin Abrams Title: Executive Vice President Company/Firm: The Lansco Corporation Years with company/firm: 34 Years in field: 34 Years in real estate industry: 34 Telephone: 212-644-2222 Email:[email protected] URL:www.lansco.com Real Estate Associations/Affiliations:Served as Chairperson of the Retail Committee for the Real Estate Board of New York (REBNY), served on REBNY's Commercial Board of Directors, teach continuing ed segment at REBNY, this years winner of the prestigious Louis Smadbeck Broker Recognition Award. Member of WX, an invitation only women in commercial real estate group; on the board of Lansco's international network. Member of ICSC. What are you hoping to accomplish by attending and/or exhibiting at the show and what is different about this year's show? The show allows us to interact with multiple retailers, developers and brokers with whom we do business, as well as make new contacts. We are able to showcase some of the retail locations we are marketing, and set up meetings to introduce opportunities, as well as culminate deals. We can accomplish more in a few days at the show than we could otherwise do in months. Everyone attending the show comes with a deal making mentality and is focused and open to discussing opportunities. That is not always the case, but the market is hot, hot, hot now!! Are retailers finding the types of properties that they want right now and are tenants happy with the sites available to them? The market is very tight in the high profile areas where there is a lot of demand. Based on the competition for space in these areas - Soho, Union Sq., W. 34th St., Times Sq., Madison Ave., Fifth Ave. - rents have risen dramatically. In most of these trade areas the rents are double or more, of what they were a few years ago when we were in a recession. Also with the new projects coming on line in downtown NYC, including the World Trade Center, Brookfield Place, the Fulton St. Transit Hub, the South Street Seaport and streetfront retail, as well as future projects like Hudson Yards, there are dynamic new opportunities for retailers to grown in areas where they previously had no presence. Due to high demand, the boundaries of some of these highly visible, highly trafficked retail corridors are beginning to push south and/or north, extending the potential for new space. The co-tenancy in these areas is getting stronger and as these blocks develop the rents are climbing as well. We see this for instance on Fifth Avenue, pushing south from 49th to 42nd Street for large showcase stores. Also, on Madison Avenue retailers who before would have located between 57th-72nd are now going into the 50's as well as the 70's and even up to the 80's where Halston, James Perse, Theory and Joie now all have stores. The recession, rising gas prices and the housing crisis has created a new trend. Generation Y'ers are now staying in the city and the baby boomers are actually returning to the city from the suburbs. How has this affected your business and NYC retail in general? More and more international brands are starting with a NYC store to launch their brand in the US, and nationals as well realize there is tremendous volume that a street store can do, which makes the aggressive rents affordable. Prior many retailers stayed away from street stores and opened in malls assuming the business would be stronger and/or less risky. As more people opt to live in the city, particularly those that have a family, there are new retailers catering to their needs for product to support a family lifestyle. Kids clothing stores, sporting goods stores, children's activity programs, and family friendly restaurants now thrive in the city. Also expanding are cool new apparel shops, fast serve restaurants, and hip night spots that cater to the affluent young professionals flocking to the city to live their dreams.