Fall 2015 Retail Report

The Manhattan retail leasing market finally saw some softening of ground floor asking rents in its premier corridors in the fall of 2015. The Fall 2015 REBNY Retail Report showed ground floor asking rents increasing in only 10 of 17 corridors surveyed, year over year. The upside of the break in rent increases though, according to our Retail Advisory Group, is that more deals are getting done and retailers are coming back to the market. While the average asking rent in a majority of the corridors increased compared to last year, the increases were more modest compared to previous reports. Although the number of asking rent decreases in corridors were greater than in any of our recent reports, none of the decreases in asking rent were more 6 percent.