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

Manhattan Retail Rents Stabilize, But Q2 is “Mixed Bag” 

Average asking rents in Manhattan’s 16 prime retail corridors were stable in the second quarter, CBRE reported, ending 18 consecutive quarters of decline. However, the firm characterized retail’s recovery as “a mixed bag,” with residential neighborhoods ‘full and flourishing” while foot traffic from international tourists and office workers remains below pre-pandemic levels. 

Leasing velocity totaled 2.4 million square feet, the third consecutive quarter in which the total surpassed two million square feet and the best quarterly total since Q3 2020. Velocity reflected a 50% improvement year-over-year and was 10% better than Q1.  

Tenant activity has been bolstered by a focused interest in the best spaces in the market, which are becoming scarcer. “Despite the positive totals for Q2, the pipeline of future demand could take a step back as tenants take longer to contemplate their options or wait for new spaces to become available,” reported CBRE’s Nicole LaRusso. 


Inside The Story

CBRE's LaRusso

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).