Manhattan’s retail sector is enjoying its healthiest leasing activity in years. Brokers active in the market, including REBNY retail committee members, characterized it as the strongest market activity since 2016 and 2017. The pace of competition for storefronts has intensified in many corridors during the last six months. As quality space options dwindled, rent posted material increases in SoHo and Madison Avenue, with moderate growth in many other corridors. Nevertheless, rent is still well below pre-pandemic peaks in nearly every major corridor.