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Manhattan Retail Outlook Brightens but Fundamentals Continue Decline
Manhattan retail is getting a boost as retail employment and spending continue trending upward, but fundamentals continued deteriorating in the second quarter, according to CBRE’s Q2 Retail MarketView.
The success of the vaccination effort is helping consumers slowly get back to normal life. However, retail leasing, asking rents and available space are still off from pre-pandemic levels.
The market did show a few bright spots, as Vashi, AMI Paris, Kanuk and Mezeh Mediterranean Grill signed new leases for their first ever New York City locations.
“Opportunistic retailers are taking advantage of the tenant-favorable market conditions, successfully negotiating enhanced tenant improvement allowances, free rent, flexible term lengths and percentage-rent deal structures,” said Nicole LaRusso, CBRE senior director, research & analysis. “With the lifting of state and city restrictions on occupancy in June and July, and the building momentum of office workers’ return, retailers have reason for optimism in the months ahead.”
- ◦Lease
