Manhattan retail activity in the second half of 2024 was bolstered by a strong jobs market, near-record tourism and steady return-to-office momentum, the Real Estate Board of New York reported. That said, asking rents generally remained below pre-pandemic levels, and only six of the 17 retail corridors studied by REBNY saw rents increase from the year’s first half.

Leasing activity in H2 2024 was vigorous along the most competitive retail corridors, according to the report. The second half of 2024 also featured several notable retail investment sales transactions, including Blackstone’s acquisition of SoHo properties at 61 Crosby St., 72-76 Greene St., 465 Broadway. and 415 West Broadway.

“More than two years into its recovery, Manhattan’s retail market is still quite balanced, underscored by expansion by top global brands and local mainstays as well as retailers entering the market for the first time – all attracted to the resurgence of the city,” said Keith DeCoster, VP of market data and policy at REBNY. “The costs and challenges associated with setting up and operating a store remain daunting, but relative to prior cycles, rents remain reasonable in most cases.”

Pictured: Vornado Realty Trust’s 150 W. 34th St. in Midtown Manhattan, where Primark signed a 78,760-square-foot lease for its first Manhattan store.