Manhattan asking retail rents have fallen to record lows, according to new research from REBNY. The fall 2020 Manhattan Retail Report shows that retail rents have declines in all 17 of the retail corridors in Manhattan since last year. The decrease in rents in each submarket ranges from 1% to 25% with eight retail corridors reporting the lowest asking rents in a decade.

The Broadway Houston St. through Broome St. submarket had the most significant decline in asking retail rents. The average asking rent is down to $367 per square foot, a 25% decline year-over-year. Since 2015, rents in the submarket have fallen 62%. Fifth Avenue 14th Street through 23rd Street were also down a significant 22%, and West 34th Street 5th Avenue through 7th Avenue asking rents fell 17% to $441 per square foot.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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