{"id":10560,"date":"2012-07-16T09:53:48","date_gmt":"2012-07-16T13:53:48","guid":{"rendered":"http:\/\/stateimpact.npr.org\/new-hampshire\/?p=10560"},"modified":"2012-08-06T16:01:45","modified_gmt":"2012-08-06T20:01:45","slug":"seacoast-snapshot-portsmouth-retailers-struggle-with-high-downtown-rents","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/new-hampshire\/2012\/07\/16\/seacoast-snapshot-portsmouth-retailers-struggle-with-high-downtown-rents\/","title":{"rendered":"Seacoast Snapshot: Portsmouth Retailers Struggle With High Downtown Rents"},"content":{"rendered":"
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Amanda Loder \/ StateImpact New Hampshire<\/p>

High rent in downtown Portsmouth is a sticky issue for retailers, restauranteurs, realtors, landlords and the city.<\/p><\/div>\n

Tomorrow morning on NHPR, we\u2019ll hear from Assiah Russell, a<\/em> boutique owner in downtown Portsmouth. Assiah’s story is Part Four of our series \u201cGetting By, Getting Ahead<\/a>,\u201d examining how people across New Hampshire\u2019s seven regions are navigating a recovering economy.<\/em><\/p>\n

<\/em>___<\/em><\/p>\n

Downtown Portsmouth, with its skyline dominated by the large white North Church steeple, and narrow streets meandering toward the waterfront looks like the picture of an old New England town.\u00a0 Gently overlaying the historic ambience are the trappings of chic modernity–trendy boutiques, off-beat gift shops, and laid-back cafes.<\/p>\n

This historic, yet chic atmosphere is the culmination of years of careful design.<\/p>\n

And it’s drawn a lot <\/em>of money into Portsmouth.\u00a0Tourists<\/a> from all over the world come here to drink in the local flavor and browse the signature shops.\u00a0 The flip-side to that prosperity, however, is that it has raised the cost of living for residents–and for doing business.\u00a0 That is especially true for downtown shop keepers.<\/p>\n

“The range on Market Street can go anywhere from $40 to $65 a square foot,” says Realtor Bill Mouflouze<\/a>. For about 30 years, he says he has brokered downtown real estate transactions. “Some of our rents rival Newbury Street rents [in Boston].\u00a0 I’ve had clients coming from Newbury street thinking they were going to pay a lot less.”<\/p>\n

While Market Street is prime territory, Mouflouze says nearby areas off the beaten path can still be costly.\u00a0 “Even over on State Street, rents are still in the mid-$30’s per square foot to sometimes the mid-$40’s.”<\/p>\n

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