CBRE has released its Manhattan retail figures report for the first quarter, indicating that the retail market in Manhattan has shown positive signs of improvement. Increased demand for luxury and entertainment sectors, as well as a rebound in international tourism, have contributed to the city’s retail market’s stronger position compared to last year. Manhattan has had three consecutive quarters of rent increases to $638 per square foot. 

“Best spaces in the city are leased up, (the city had) a strong quarter for Flatiron and SoHo,” Hironori Imaizumi, field research manager and author of the report, told ConnectCRE. “Overall positive quarter with strong leasing in the prime neighborhoods.” 

The report highlights that the average asking rent in the prime 16 retail corridors has increased for the third consecutive quarter to $638 per square foot, which is up 3.7% from the previous quarter and 8.0% higher than a year ago.