Flatiron District in MidtownSouth. Credit: Jeffrey Zeldman.
NEW YORK CITY – Asking retail rents per square foot have fallenthroughout the city's retail corridors, while leasing activityremains robust, in what the Real Estate Board of New York deems asa multi-year market correction, according to REBNY's Fall 2019Manhattan Retail Report.
In Manhattan, the retail market continues to adjust to changingsector trends. High asking rents continue to drop, resulting in anuptick in year-over-year leasing activity. Trends such as theinnovation of traditional brick-and-mortar for pop-ups andpromotional spaces for online marketing efforts have emphasizedin-person experiences and driven up foot traffic in areas, but havechanged the traditional lease structures. Often times tenants aretaking up less space in shorter times frames and for cheaper rents,the data shows.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
