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Manhattan Retail Market Booms in Q3
Manhattan’s retail market is on an upswing, as CBRE’s Q3 2023 report reveals.
Average asking rents in prime retail corridors increased for the fifth consecutive quarter, reaching $663 per square foot, up 2.7% from the previous quarter. The taking rent index in these areas also rose to 80%, up 120 basis points from Q2 and 780 basis points from the same period last year.
Despite some supply constraints for top-tier locations, demand for prime retail spaces remains strong, with areas like SoHo and Grand Central experiencing high leasing activity. Apparel retailers have taken the lead in leasing, with over 156,000 square feet leased across 19 transactions. Overall, Manhattan’s retail market is showing guarded optimism and a positive outlook.
- ◦Economy
