Manhattan Retail Rents Fall as Tenants Grab Discounted Space

Manhattan’s retail rents fell by the most in five years, with the biggest decline in tourist-heavy Times Square.  Average asking rents slid 14% in the fourth quarter from a year earlier across the borough’s prime shopping districts, according to a report by Jones Lang LaSalle Inc. Times Square rents tumbled 37% as landlords repriced spaces to attract tenants, the brokerage firm said. Read more at Bloomberg Quint.