Rents Down for Manhattan Retail: New Research from CBRE

Retail rents fell in 2017 — a lot. Average aggregate asking rents shrank 18.4% across the 16 main retail corridors in 2017 in Manhattan compared to 2016, according to new research from CBRE.

“While there may be more rent adjustment ahead, the biggest strides seem to be behind us. The strong demand drivers and great value opportunities should help bolster the market in 2018,” said Nicole LaRusso, director of research and analysis for CBRE.

Availabilities ticked up slightly in 2017, but remained relatively flat quarter over quarter. Market fundamentals are solid, according to CBRE. Consumer confidence is high and most retailers posted strong year-over-year holiday sales.

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