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Retail Dealmaking Rises in Manhattan as Asking Rents Decline
Average asking rents for available ground floor retail spaces decreased year-over-year from spring 2018 in 12 of the 17 Manhattan corridors analyzed by the Real Estate Board of New York (REBNY) in its bi-annual Manhattan Retail Report. Meanwhile, availability rates are on the rise.
Accordingly, REBNY’s Manhattan Retail Report Advisory Group has observed increased deal-making with tenants committing to space in key areas for both new and existing product.
“Manhattan’s continued natural correction in retail rents is spurring deal-making across the borough’s top corridors, as retailers reconsider new and existing ground floor spaces,” said John H. Banks, REBNY President. “Our Manhattan Retail Report Advisory Group members have seen declining rents fostering a healthier leasing environment, as more space is being absorbed at a more affordable rate than seen in recent years.”
Continuing 2018 trends, Manhattan retail leases in the first months of 2019 were driven by the food and beverage industry, followed by activewear, cosmetic and technology brands.
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