Manhattan’s retail sector gained traction during the last six months, improving from the prior reporting period. The increased velocity was due to significant absorption in several key corridors. Rent is stabilizing in many areas, but remains well below pre-pandemic levels.
Brokers expect increased lease completions for the balance of 2022. That said, retailers continued to be challenged by construction inspection and licensing delays, as well as supply chain dysfunction that impedes lease completions and business openings.