A rebound in international tourism and improved consumer demand in the luxury and entertainment sectors propelled Manhattan's retail market to a stronger start than a year ago in the first quarter.
In Q1 2023, average asking rent in the prime 16 retail corridors increased for the third consecutive quarter to $638 per SF, up 3.7% from Q4 2022 and 8% higher than a year ago, according to CBRE's new Manhattan retail report.
The number of direct ground floor availabilities dropped 7.2% from the prior quarter to 206 spaces, a 16.6% reduction YOY—and the seventh consecutive quarter ground-floor availabilities have decreased. The rolling four-quarter aggregate leasing velocity improved to 2.8M SF in the first quarter, up 5.4% from Q4 2022.
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