Manhattan asking retail rents have fallen to record lows, according to new research from REBNY. The fall 2020 Manhattan Retail Report shows that retail rents have declines in all 17 of the retail corridors in Manhattan since last year. The decrease in rents in each submarket ranges from 1% to 25% with eight retail corridors reporting the lowest asking rents in a decade.

The Broadway Houston St. through Broome St. submarket had the most significant decline in asking retail rents. The average asking rent is down to $367 per square foot, a 25% decline year-over-year. Since 2015, rents in the submarket have fallen 62%. Fifth Avenue 14^th Street through 23^rd Street were also down a significant 22%, and West 34^th Street 5^th Avenue through 7^th Avenue asking rents fell 17% to $441 per square foot.

Other markets managed to survive the pandemic with little impact. Rents in the Broadway Battery Park through Chambers Street corridor declined only 1%. Columbus Circle 66^th through 79^th Street asking rents declined 3%.