Manhattan Landlords Reduce Retail Rents in 2018

According to CBRE's Q2, 2018 Manhattan Retail Market Report, New York City's retail market continues to evolve as the fundamental demand drivers remain healthy. Over the past year, average asking rents decreased in 12 of the 16 main Manhattan retail corridors, while the aggregate average asking rent declined by 12.1% to $658 per sq. ft. year-over-year. Across the 16 corridors, 143 spaces have remained on the market for one year or more and 58% of these have been repriced down. Total leasing during the second quarter of 2018 was on par with the prior period, with more than 500,000 sq. ft. of space leased over 98 transactions.