Manhattan Retail Rents Dip But Remain Near Record Highs
Retailers are finally catching a break on sky-high Manhattan rents, though the price for occupying space there remains near historic highs. Following two years of increases that sent the borough’s retail rents to a new peak, the going rate for space has slipped for the second straight quarter. According to a new report by CBRE, the average asking rent in Manhattan fell 3.9 percent from the second quarter, to $917 per square foot. That represents a 5.7 percent decline from the prior-year period, when the average rate for ground-floor leases was $973 a square foot. The contraction comes amid a mild slowdown in international tourist spending and a glut of supply. It also comes as retailers are seeking to adjust their store fleets — in many cases shrinking them down — in the e-commerce era. Read more at CNBC.
