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Nicole LaRusso LaRusso: “Multiple trends continue to reshape the retail landscape both nationally and locally.”

NEW YORK CITY—Following an unprecedented rental increase between 2012 and 2014—in which average asking rents rose by 90%—the Manhattan retail market is in a period of easing, according to CBRE Group’s Manhattan Retail MarketView report for the first quarter of 2017.

Of the 16 corridors tracked by the firm, 12 recorded decreases in average asking rents year-over-year, while the overall average dropped 2.7% in the past 12 months. Downward pressure on rents is coming from increasing availability, with the total number of available spaces growing by 24.4% quarter-over-quarter.

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