X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-As more tourists visit the city and companies continue to lease-up available space throughout Manhattan, Cushman & Wakefield is keeping its eye on retail as the market to watch.Specifically, according to Ken Krasnow, executive managing director and head of C&W’s New York offices, the firm is following plans for the creation of a major Lower Manhattan retail corridor from river to river. “Retail will be the next big story in the recovery of Lower Manhattan,” he says.And other areas of the city are also seeing a surge in retail transactions with strong retail leasing activity continuing in the third quarter of this year, he adds. Notably, banks are continuing to take corner locations, sparking bidding wars in some cases, and international retailers are competing for prime space. The retail market is also seeing non-traditional retailers continuing to lease space as part of their branding strategy, such as Apple Computers deal at 767 Fifth Ave, according to Krasnow. “Available retail space is decreasing and asking rents are increasing all over Manhattan,” he adds. “And we continue to see strong leasing in SoHo.”

Pointing to SoHo’s continued popularity, Krasnow says availability rates dropped to 9.6% in the third quarter of 2005 from 10.5% in the second quarter. New retail spots in the neighborhood include Ben Sherman at 96 Spring St., Forever 21 at 568 Broadway and the Body Shop at 155 Spring St.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.