New York’s Retail Rents Set Another Record Low, But Restaurants Are Starting To Sign Leases Again

A plethora of empty space already outfitted with kitchen appliances and a chance to take advantage of historically low rents is driving restaurateurs to sign fresh leases across New York City. Food and beverage tenants were the most active in signing retail deals across Manhattan during the second quarter ended June 30, according to commercial real estate services firm CBRE. Some, like Flex Mussels, are staging a comeback after last year’s indoor dining restrictions decimated the industry. The seafood establishment is moving one block over from its pre-pandemic home on the Upper East Side to take over a roughly 4,500-square-foot, two-story space that was vacated by a Turkish restaurant in 2020. Read more at CNBC.