REBNY Retail Reports
May 15, 2018
Asking rents in the Manhattan retail leasing market are continuing to adjust, in addition to landlord concessions which affect net effective rents. While declines have continued across Manhattan’s top retail corridors into spring 2018, our Manhattan Retail Report Advisory Group stated that there have been developments in the market that offer reasons for optimism.
Owners’ flexibility on lease terms have become more consistent since the fall and retailers, who paused their search for brick-and-mortar space through transitioning market conditions, have returned to explore new opportunities. Transactions and offer volume have increased, and there have also been reports of competitive bidding for spaces priced appropriately in key retail locations.