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

NYC Retail Market Continues Adjustment a Year After Pandemic Hit

Asking retail rents throughout Manhattan have declined in 16 of the 17 key corridors, as the market continues to adjust more than a year after the COVID-19 pandemic first hit New York City, the Real Estate Board of New York reported Sunday. The new findings suggest that the current market, with increased availability and reduced leasing costs, presents unique opportunities for tenants and owners alike.

The data also underscore the importance of ensuring that office workers return to their workplaces and that the city do more to bring tourists back.  

“The retail market is entering a very exciting time after a long, unexpected pause,” said Jeffrey Roseman, vice chairman at Newmark Retail. “The combination of favorable leasing rates, a host of creative new retailers and restaurants, and a true pent-up demand for people to go out and shop will bode very well for New York City’s retail market.” 


Inside The Story

Newmark's Roseman

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).