As availability in Manhattan’s prime retail market hits a record low, bank branches and financial institutions have emerged as major contributors to shrinking supply.
In its third-quarter “Manhattan Retail Report,” JLL puts average availability across Manhattan’s prime retail corridors at 11.4 percent, the lowest since tracking began in 2017. Just 157 spaces remain available — 38 fewer than a year ago — while average asking rents reached $605 per square foot, up 5.7 percent year over year.
The report identifies increased bank activity as one of the major contributors to declining availability. Recent signings include Bank of America’s 16,309-square-foot lease at 19 Union Square West, OceanFirst’s 4,100-square-foot lease at 36 Union Square East and Citibank’s 14,274-square-foot lease at 170 West 72nd St. — nearly 35,000 square feet combined, with additional transactions pending in the category.
“Availability across the prime retail corridors
