Oh great, positive news for the NYC commercial real estate market: "the number of direct available ground-floor spaces continued to decline..." in New York City "...for the second consecutive quarter, dropping 2.5 percent to 197 spaces from 202...." Sounds awesome, right? Yeah, maybe. Vacancies are down. But what's also down? Leasing activity. That's down. Square footage leased? Also down. What else? Asking rents. Down. Contract term length? Down. So, what's going on? Pop-ups, lots and lots of them. Allbirds, The Arrivals, and others are taking advantage of a renter's market in NYC commercial real estate and landlords are finally starting to get bent. Venture capitalists 1, New York City landlords 0. "In effect, what appears to be a retail market finding its new level is simply a short-term Band-Aid on what is still very much a declining environment." Leasing figures are "misleading" because of pop-ups and inventory "will reappear in the near term as short-termers expire." Hard to get fired up over this news.