New retail space coming to the market continued to push availability rates upwards in many of Manhattan’s submarkets during the first quarter of 2021, according to Cushman & Wakefield.
While leasing momentum has had an uptick since the height of the pandemic last year, the quantity of storefronts becoming available outpaced this activity in markets such as SoHo, where availability has risen 7.0 percentage points over the past year to 29.8 percent.
Madison Avenue (57th to 72nd Streets) and Herald Square/West 34th Street recorded the highest availability rates among the Manhattan submarkets at 40.3 percent and 30.5 percent, respectively, both with no leases signed during the first quarter of 2021. On Upper Fifth Avenue (49th to 60th Streets), no additional spaces became available and Spanish fashion brand Mango announced plans to sublease the former Ralph Lauren space at 711 Fifth Avenue, both contributing to the decline in availability year-over
