Manhattan Storefronts See ‘Growing Demand’ From Different Retailers, Flagships

New York City’s commercial retail estate landscape might finally be coming back to life. According to a spring report from the Real Estate Board of New York (REBNY), the amount of time between unoccupied leases is improving across certain high-traffic retail sectors in Manhattan. The report found that storefront properties on streets such as Prince Street in SoHo and Upper Madison Avenue were “absorbed as international retailers, national chains and emerging retail concepts accelerated their activity.” Average asking rents also appear to have stabilized, the study found, with nine out of 17 Manhattan retail corridors seeing their average asking rent grow since fall of 2021. The apparent normalization comes as New York City, like other major cities, emerges from two years of a hit to tourism-induced sales and retail store vacancies. REBNY previously stated that any progress made in Manhattan’s retail markets would depend on “clear guidance” from leadership to handle increases in cases of COVID-19. Throughout the start of 2021, retail activity in Manhattan was largely characterized by food and beverage, fitness and local services, REBNY found. “We were just starting to see a return of international retailers along with first-time entrants previously priced out of the borough,” said Keith DeCoster, REBNY’s director of

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