The number of food halls in operation nationwide will grow to 300, discovered a new Cushman & Wakefield report, according to 6sqft. This trend can be seen clearly in New York City with 25 functioning permanent food halls and at least 10 others either planned or suggested to be on the way.
Noteworthy examples in production are the TimeOut DUMBO food hall and the Essex Crossing’s Market Line, with the latter on track to be one of the biggest in the world. Also, Urban Space, has seen success and rolled out another food hall just six blocks away from one of its other locations.
Partner of ABS Partners Real Estate John Brod said to the Commercial Observer, “Today’s growth in retail is all about ‘entertainment, experience and interactivity, I can’t think of a more ‘experiential’ retail experience than a food hall—which in addition to ‘interactivity’ appears to our senses of sight taste and smell. The food hall experience hits all the important levers. Additionally, the food hall has become a destination for tourists. Walk into Eataly or the Grand Central Market at any time and you will hear a multitude of languages being spoken or someone taking pictures or selfies.”
Food halls offer the benefit of variety. The study revealed that 40 percent of millennials will try a different order each time they take a trip to the same restaurant. Over half (55%) prefer communal tables while going out to eat, and 44% of their food money goes to dining out.
Chelsea Market, the oldest food hall in NYC, recently made headlines when Google bought the building for $2.4 billion to mark the second biggest single sale in the city’s history. Foodies have been told the market would continue as before regardless of the new ownership.
The report also discovered that food halls are a good business. Even in times of growth, there are no guarantees in the food industry. So far, no permanent food halls in NYC have closed. In fact, just four food hall projects have closed, one of which was planned as temporary, and did not close due to failure.
Below Cushman & Wakefield food hall roundup, thanks to 6sqft.
- American Market by Todd English (2018) 12,000 sf, 229 West 43rd Street, Manhattan
- Canal Street Market (2017) 12,000 sf, 265 Canal Street, Manhattan
- Chelsea Market (1997) 164,755 sf, 75 Ninth Avenue, Manhattan
- Chelsea Terminal Warehouse (2016) 20,000 sf, 271 11th Avenue, Manhattan
- City Acres Market (2017) 15,000 sf, 70 Pine Street, Manhattan
- City Kitchen at Row NYC (2015) 4,000 sf, 700 Eighth Avenue, Manhattan
- DeKalb Market Hall (2017) 60,000 sf, 445 Gold Street Brooklyn
- Eataly NYC Downtown (FiDi) (2016) 45,000 sf, 4 World Trade Center, Manhattan
- Eataly NYC Flatiron (2010) 58,000 sf, 200 Fifth Avenue, Manhattan
- Essex Street Market (1940) 15,000 sf, 120 Essex Street, Manhattan
- Food Hall at Industry City (2014) 40,000 sf, 274 36th Street Brooklyn
- Gansevoort Market (2016) 8,000 sf, 353 West 14th Street, Manhattan
- Gotham Market at the Ashland (2017) 16,000 sf, 590 Fulton Street Brooklyn
- Gotham West Market (2013) 10,000 sf, 600 11th Avenue, Manhattan
- Great Northern Hall (in Vanderbilt Hall) at Grand Central Station (2016), 5,000 sf, 89 East 42nd Street, Manhattan
- Hudson Eats at Brookfield Place (2014) 35,000 sf, 200 Vesey Street, Manhattan
- Le District at Brookfield Place, Existing (2015), 30,000 sf, 200 Vesey Street Brookfield Place, Manhattan
- Plaza Food Hall / Todd English Food Hall (combined) (2010), 32,000 sf, 1 West 59th Street, Manhattan
- The Pennsy (Penn Plates) (2016) 8,000 sf 2 Pennsylvania Plaza, Manhattan
- TurnStyle Underground Market (2016), 30,000 sf, 1000 South 8th Avenue, Manhattan
- Union Fare (2016) 25,000 sf, 6 East 18th Street, Manhattan
- Urbanspace at 570 Lexington (2018), 11,400 sf, 570 Lexington Avenue, Manhattan
- UrbanSpace Vanderbilt (at the Helmsley Building) (2015), 12,000 sf, 230 Park Avenue, Manhattan
- Bruckner Market, Coming Soon (2018) 16,000 sf, 9 Bruckner Boulevard Bronx
Mangia, Coming Soon (2019) 16,000 sf, TBD Bronx
- Time Out Market, Public Market Coming Soon (2020) 75,000 sf TBD, Dumbo
- Hudson Yards Food Hall, Coming Soon (2018) 35,000 sf, 10 Hudson Yards, Manhattan