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.

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Jack Rogers

 

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