Experiencing the largest rent decrease in five years, rents across all of New York City’s prime retail corridors dropped by 13.5% year-over-year on average, according to a new report from JLL Research. 

However leasing velocity continues to trend upwards, increasing by 24.1% quarter-over-quarter in Q4. Essential businesses continue to drive leasing, accounting for 56.7% of new deals signed, a trend that has been observed since pre-COVID. 

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