New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Holiday Forecast is Jolly Even as Retail Rents Slip
Manhattan retail rents continued to drop during the third quarter, falling an average 8.4% year over year across the main retail corridors, according to CBRE’s Q3 Manhattan retail market report. Forecasters are optimistic, nonetheless, for the impending holiday shopping season.
“The Manhattan retail market continues to search for the right level with respect to rent, as landlords show ongoing willingness to negotiate lease rates and terms in order to secure tenants,” said Nicole LaRusso, director of research & analysis, CBRE tri-state. “However, the positive local and national economic conditions and the prediction for a strong holiday shopping season ahead are creating great opportunities in New York.”
The Plaza District maintained its streak as the most active neighborhood in terms of leasing velocity, with nearly 100,000 square feet leased during Q3. And, even as rents continue declining, forecasters still predict a robust 5-5.6% increase in sales during retail’s traditional busiest period shopping season.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
