Leasing Falls, Availability Rises Again As Manhattan’s Retail Market Searches For Bottom

New York City’s prime retail properties suffered another brutal three months at the start of the year, with hopes now that the vaccine rollout and returning residents will help turn the sector around.
Direct ground-floor availabilities in the major Manhattan retail corridors reached a new high, hitting 275, according to CBRE data. That figure marks a 21.7% jump year-over-year, with Upper Madison Avenue the worst-hit area. The once-glorious retail stretch saw seven new spaces added, an 11% jump on the year before, meaning there are now 53 spots available there.
On Fifth Avenue in Flatiron, the number of availabilities has doubled over the last year, with more potentially…

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