New York suffered a 7.7% decrease in asking retail rent in 2020, which was the second-largest drop in the country behind San Francisco, according to Marcus & Millichap.
While the pandemic sapped demand, supply is growing.
In 2020, 907,000 square feet of retail space was completed. M&M says that construction is limited in Manhattan. But it is more active in the surrounding boroughs, especially in South Brooklyn and Northeast Queens. It expects 1,733,000 square feet to be completed as the pace of delivery nearly doubles what arrived in 2020. The average amount of square feet of what opened over the past decade was 1.5 million square feet, by comparison.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
