CBRE has released its Manhattan retail figures report for the first quarter, indicating that the retail market in Manhattan is showing positive signs of improvement since 2018. Demand for luxury and entertainment sectors, as well as a rebound in international tourism, have contributed to a stronger position compared to last year. The city has had three consecutive quarters of rent increases reaching $638 per square foot.
Hironori Imaizumi, field research manager and author of the report stated “The best spaces in the city are leased up” with strong leasing activity observed particularly within Flatiron and SoHo neighborhoods – overall resulting in a positive quarter. The average asking rent across prime 16 retail corridors increased by 3.7% from the previous quarter and 8% higher than the same period last year according to CBRE’s findings at $638 per square foot respectively.
