Manhattan Retail Leasing Heats Up in Q3: Report
October 14, 2021 | Celia Young
Retail leasing in Manhattan increased between June and September after eight consecutive quarters of decline, a boon for the Big Apple’s pandemic-battered market, according to a new report from CBRE.
The number of square feet leased rose to 1.6 million in the third quarter from 1.5 million in the second quarter — the first increase since 2019, according to the report. The decline of average retail asking rents in 16 of Manhattan’s retail corridors slowed, but still shrunk by 1.6 percent, to $605 per square foot, in the third quarter, the 16th consecutive quarterly decline.
“Even as demand is picking up, landlords continue to add space to the market and price it below the current market average,” Nicole LaRusso, CBRE’s senior director of research and analysis, said in a statement. “This is tapering off, however, and asking rents look like they are close to stabilizing.”
