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REBNY Sees Brighter Outlook for Manhattan Retail
The Real Estate Board of New York’s Fall 2021 Manhattan Retail Report highlights improved leasing volume along with lengthier lease commitments. Although food and beverage tenants still dominate, international fashion tenants are also becoming more active in SoHo and on Madison Avenue, an improvement from the prior quarter when local service-oriented neighborhoods were the most active.
According to REBNY, retailers are increasing their activity in response to the energy and activity they see in more areas of the city, as residents, tourists and some office workers return. The report projects continued improvements in leasing during the next six months—assuming the return of international tourists and a more robust return to the office unfolds in early 2022.
“While there are some encouraging signs in the current Manhattan retail data, continued progress is contingent on key economic and public health factors over the coming months,” said REBNY president James Whelan.
- ◦Lease
- ◦Economy
