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Holiday Forecast is Jolly Even as Retail Rents Slip

Manhattan retail rents continued to drop during the third quarter, falling an average 8.4% year over year across the main retail corridors, according to CBRE’s Q3 Manhattan retail market report. Forecasters are optimistic, nonetheless, for the impending holiday shopping season.

“The Manhattan retail market continues to search for the right level with respect to rent, as landlords show ongoing willingness to negotiate lease rates and terms in order to secure tenants,” said Nicole LaRusso, director of research & analysis, CBRE tri-state. “However, the positive local and national economic conditions and the prediction for a strong holiday shopping season ahead are creating great opportunities in New York.”

The Plaza District maintained its streak as the most active neighborhood in terms of leasing velocity, with nearly 100,000 square feet leased during Q3. And, even as rents continue declining, forecasters still predict a robust 5-5.6% increase in sales during retail’s traditional busiest period shopping season.

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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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