Leasing activity remains strong in Manhattan, with intensifying competition for storefronts and a dwindling supply of quality space in prime corridors like Soho and the West Village spurring activity in neighborhoods that are still recovering, according to the Real Estate Board of New York's latest retail report.

While highlighting continuing confidence in consumer demand, REBNY's Fall 2022 Manhattan Retail Report—which tracked activity from April through November—noted an overall weakening in asking rents since REBNY's Spring report.

Of the 16 Manhattan retail corridors examined in the report, nine corridors saw average asking rents decrease compared to the period covered by Spring 2022; two corridors saw average asking rents remain unchanged during the same period; five corridors saw asking rents increase compared to Spring 2022.