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

Flatiron/Union Square Leads Manhattan for Q4 Retail Leasing

Retail leasing velocity in Manhattan decelerated in the fourth quarter of 2020, marking the sixth consecutive quarterly decline, according to the Manhattan Retail MarketView from a CBRE team led by Nicole LaRusso. 

The Q4 rolling four-quarter aggregate leasing velocity, which measures total leasing—including renewals and new leases—for the four prior quarters, dropped below 2.1 million square feet for the first time since Q1 2016.

While a recent spate of long-term deals signed by big-box retailers brought some positive news in Q4, CBRE says leasing velocity is likely to remain depressed until the pandemic is brought under control and there is clarity around when the economy can fully reopen.

Among Manhattan’s retail submarkets, Flatiron/Union Square recorded the highest leasing velocity in Q4 with more than 86,000 square feet leased in three transactions. The most notable transaction was Home Depot, which renewed its 79,000-square-foot outpost at 28 W. 23rd St.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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