NEW YORK CITY—Although retail rents in Manhattan have slipped as of late, there are some silver linings to the downward trend, according to a new report by CBRE Group.
As Manhattan retail rents decline from historic peaks, tenants see more opportunities to participate in the market, the research states. At the same time, retailers are innovating new strategies to drive foot traffic to their stores and consumer interest in their brands.
Following a 92% surge in average asking rents between 2010 and 2014, evidence of rent moderation has been seen throughout Manhattan. The aggregate average asking rent across the 16 retail corridors tracked by CBRE has declined by 13%, to $954 per square foot, from the $1,090-per-square-foot peak in the third quarter of 2014.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
