Experiencing the largest rent decrease in five years, rents across all of New York City's prime retail corridors dropped by 13.5% year-over-year on average, according to a new report from JLL Research.
However leasing velocity continues to trend upwards, increasing by 24.1% quarter-over-quarter in Q4. Essential businesses continue to drive leasing, accounting for 56.7% of new deals signed, a trend that has been observed since pre-COVID.
The rent decrease in five years also accounted for the sizable increase in deal volume: Although total deal volume is still down 31% from the same period in 2019, Q4 accounted for the highest quarterly deal count since Q1 2020.
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