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Retail and Capital Markets 2017: A Year of Corrections

The market is trying to find a new normal and suggests cautious optimism for 2018, according to Cushman & Wakefield's year-end retail and capital markets report.

By Betsy Kim | Updated on January 18, 2018
Steven Soutendijk Steven Soutendijk, executive managing director, Cushman & Wakefield retail services

NEW YORK CITY—“For the moment, the retail apocalypse is on hold,” said Steve Soutendijk, the executive managing director of Cushman & Wakefield retail services. He noted a stronger than expected holiday shopping season with a 5.5% year-over-year increase in sales compared to 2016.

The highest consumer confidence levels in 17 years led to a very strong six-week growth in retail stocks showing signs of a strengthening national retail sector, according to Soutendijk.

“The market is clearly trying to find a new normal for rent levels that will generate velocity and spur tenants, who have been sitting on the sidelines, to get back into the market,” he said.

As part of the Cushman & Wakefield press call reviewing 2017 year-end capital markets and retail leasing data, Soutendijk highlighted developments in Manhattan submarkets. An increase in availability along Fifth Avenue, north and south of Saks Fifth Avenue along 49th Street arose due to an increase in sublease space.

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