Spring 2002 Retail Report

This fourth biannual REBNY Retail Report traces an important real estate market’s progress since September’s tragic events. Signs of a rebound in the retail sector, even in Lower Manhattan, the city’s most affected district, can be found in this survey. Many smaller establishments in the Central Business District failed to withstand the successive blows of a recession and the most lethal foreign assault ever on our city. But average asking rents in four of the six districts covered here have started to drift upward after generally declining precipitously in the wake of the terrorist attacks. Prompt federal assistance, sound municipal management and low inflation are some of the factors helping the city through one of the most challenging periods in its history. The retail property market continues to be a leading indicator of New York’s economic wellbeing. We salute the fine work of REBNY’s Stores Committee Advisory Group in preparing the following report.