Manhattan Retail Leasing, Rents Hit New Pandemic Low

Manhattan’s retail market continued to falter last quarter in the worst three-month stretch since the pandemic began. 
Leasing volume was at its lowest point in at least the past three years, while asking rents have declined to a nadir for the past decade, according to CBRE’s quarterly retail report. 
Only 1.3M SF of retail space was leased in Q2, down 15% from Q1 when 1.5M SF was taken up. Activity was down 60% from Q2 2020, when about 3.3M SF was leased as deals negotiated before the pandemic closed, despite the deadly first wave that swept over the city, according to CBRE’s data. Decreased activity drove asking rent prices down to $615 per…

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