REBNY Retail Reports

Spring 2013 Retail Report

REBNY Press

May 6, 2013

The Manhattan retail market continues to be one of the healthiest sectors in the real estate market in New York. Rents in the high-profile corridors are high and rising due to strong demand from a broad range of both domestic and international retailers. Activity in the secondary corridors with more local tenancy is improving too as business confidence builds as a result of a consumer buoyed by an improving economic growth outlook and an improving job market. Booming tourism in the city has also played a major role in boosting asking rents. New York City attracted 52 million tourists last year according to NYC & Company, the most ever recorded.