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.”
