News Summary
CBRE has appointed Michael Taxin as senior managing director to head its retail business in New York City, coinciding with the retail market’s recovery from pandemic impacts. With retail leasing volume showing a 4.6% increase and availability rates at a decade low, Taxin’s extensive experience in the sector positions him to enhance CBRE’s operations. His previous leadership roles and strong industry connections are recognized as critical assets in navigating the revitalizing retail landscape.
New York City – CBRE, the world’s largest real estate services firm, has appointed Michael Taxin as the senior managing director to lead its retail business in New York. This new role comes as the retail sector begins to rebound from the impacts of the pandemic.
Taxin will oversee CBRE’s operations related to retail in New York City, where the demand for retail space is recovering. As more workers return to offices and tourism levels approach pre-pandemic metrics, retail space leasing is picking up momentum. Recent data indicates that Manhattan’s retail leasing volume in the first quarter of 2023 reached 1.3 million square feet, representing a 4.6% increase compared to the same quarter in 2019. Additionally, the availability rate for retail spaces in prime Manhattan corridors dropped to 13.5%, the lowest rate in a decade, down from a pandemic high of 27.8% in 2021.
Prior to his role at CBRE, Taxin held the position of senior managing director at Cushman & Wakefield, where he managed retail and office brokerage operations in New York, as well as business efforts in both Westchester County and Stamford, Connecticut. He has significant experience in the retail sector, having led Newmark’s retail brokerage division in New York, and he spent over 15 years at RKF, a company that sold to Newmark in 2018.
Taxin’s appointment to CBRE is part of a strategy to bolster the company’s leadership team in response to the shifting retail landscape. According to Matt Van Buren, the president of CBRE’s New York tri-state area, Taxin’s extensive experience and established relationships within the retail sector make him an invaluable addition to the firm.
In addition to his professional accolades, Taxin is actively involved in the real estate community. He is a member of the Real Estate Board of New York and was selected for the prestigious REBNY Fellows Program, which focuses on developing future leaders in the real estate industry. He is also a member of the International Council of Shopping Centers (ICSC), where he frequently participates as a speaker at various events.
Taxin is a licensed real estate broker in New York and Massachusetts. He holds a law degree from Fordham University and earned his bachelor’s degree in communications from Syracuse University. His appointment comes at a time when the retail market is showing signs of revitalization, and he has expressed confidence in leveraging his insights and connections to further enhance CBRE’s retail business in New York City.
The retail sector in New York City is on a path to recovery following extensive disruptions caused by the COVID-19 pandemic. As more businesses reopen and consumers return to shopping in person, experts predict a continued resurgence in retail activity, making Taxin’s leadership at CBRE particularly timely and critical.
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- Costar: CBRE Names Industry Veteran to Lead New York Retail
- Wikipedia: New York City
- New York Post: NYC Bodega Owners Worry About City-Run Grocery Store Plan
- Encyclopedia Britannica: New York City
- Retail Wire: Discussion on City-Run Grocers in NYC
- Google Search: New York City retail market
