A rising tide of tourism, steady demand from entertainment and luxury sectors and a return to normal for holiday shopping ended 2022 on a high note for Manhattan's retail sector, with asking rents rising for the second consecutive quarter in Q4.
Asking rents for retail space in Manhattan ticked up 1.2% in Q4 to $615 per SF, a 2.9% YOY increase over Q4 2021, according to a new retail market report from CBRE. The taking rent index for the prime 16 retail corridors in Manhattan posted a 530 bps YOY increase in 2022 and the highest quarter-end finish since Q3 2019.
The Big Apple climbed back on its pedestal as one of the world's most-popular tourism destinations in 2022, drawing an estimated 56M visitors, according to the city's tourism board, NYC & Co.
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