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Excluding Downtown, Manhattan Retail Market Is Up

NEW YORK CITY-The retail industry here has showed considerable improvement in leasing activity during the past six months, according to the Real Estate Board's Fall Retail Report. All but the Downtown area attracted increased tenant interest.

By Diana M. Rodriguez | Updated on December 05, 2002

NEW YORK CITY-While Lower Manhattan continues to struggle in this post-Sept. 11 environment, the rest of Manhattan appears to have bounced back nicely in terms of retail leasing, according to the latest Fall Retail Report from Real Estate Board of New York. Popular pedestrian areas–such as Times Square, Lincoln Center, and Herald Square–proved most successful in securing new tenants in the past six months.

REBNY, which studied 2,183 stores, shows rents up in the six month period ended Sept. 30, 2002 in every market except Lower Manhattan. The report attributes Downtown’s ailing leasing activity to the continued after-effects of 2001′s terrorist attacks. In addition, retail outlets on side streets and in secondary districts of the city also are experiencing the on-going effects of the recession, REBNY states.

Steven Spinola, president of REBNY, notes that while strong retail rents are elevating building prices in core NYC areas, “vacancies are on the rise in secondary districts.” Spinola says this is “another sign that any significant realty tax hike could also dim hopes for a near-term recovery in most of the city’s shopping districts.”

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