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Retail Rents Head to the Bottom

NEW YORK CITY-Even as rents in Manhattan's shopping corridors continue to slip, consumer and leasing activity are picking up, brokers say.

By Cody Lyon | Updated on November 04, 2009

NEW YORK CITY-A CB Richard Ellis report issued Wednesday says Manhattan’s retail rents show continued decline in the third quarter, but adds there are signs that this decrease may be slowing. In fact, two of the 10 most popular shopping districts on the island saw increases in average rents from the second quarter to the third this year.

Besides that, the silver lining in the depreciated rents has been the opportunity for a number of tenants, previously fenced out of Manhattan market by exuberant rents, to become active here. As a result, big box stores like TJ Maxx and Kohls are currently shopping for space throughout the city, according to the report.

Another change CBRE points out is the newfound willingness by some landlords to do short-term deals, leading a few well-known designers as well as big-name retailers to launch seasonal new pop-up stores.

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