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Research - OCTOBER 15, 2021

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Retail leasing picks up in NYC as summer ends

by Andrea Zander

The Manhattan retail market began to show signs of improvement in third quarter 2021, according to CBRE.

While the spread of the Delta variant and short-term inflation concerns have dampened some optimism, the city’s economic fundamentals continue to strengthen. Further improvement is expected as vaccine efforts move forward and more people return to pre-COVID routines. Leasing velocity in Manhattan increased in the third quarter, rising for the first time since 2019 and reversing eight consecutive quarters of decline. The number of direct, ground-floor availabilities in third quarter 2021 decreased to 282 spaces from 290 in the second quarter in the 16 prime retail corridors tracked by CBRE. The average retail asking rent there dropped 1.6 percent quarter-over-quarter to $605 per square foot in third quarter 2021. It marked the 16th consecutive quarterly decrease, though the pace of decline has slowed compared to a year earlier, a small positive for the market.

The

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