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Retail Vacancies Rise Along Key Corridors
New York City’s retail sector experienced significant deceleration in leasing activity in the first half of 2020 intensified by the COVID-19 pandemic, according to CBRE’s Q2 2020 Manhattan Retail MarketView.
In the second quarter, the number of direct, ground-floor availabilities experienced a new peak of 235 spaces along Manhattan’s prime 16 retail corridors. Average asking rents declined for the 11th consecutive quarter, with the average corridors rent dropping below $700 per square foot for the first time since 2011.
“The ongoing repricing of trophy properties was a significant factor in the declining average of asking rents,” said Nicole LaRusso, director of research & analysis for CBRE’s Tri-State region. “With an increasing amount of retail vacancy along the high-street corridors and the introduction of new, heavily discounted availabilities, average asking rents will likely continue to decline throughout the rest of the year.”
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