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New York & Tri-State  + New York  + Retail  | 

CBRE: Manhattan Retail Shows Signs of Improvement in Q1 

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.  


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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