Monday, July 24, 2017

Drop in Manhattan Retail Rents Has Retailers Looking

Image result for new york city shoppersLower rents and generous tenant incentives persuaded more Manhattan retailers to check out potential shop space in the second quarter, but leasing remained slow as merchants wait to see just how good a deal they can secure, brokers and analysts said.

Asking rents for ground-floor spaces dropped in 11 of 16 prime Manhattan shopping corridors from a year ago, with some falling as much as 22% on stretches such as Spring Street and Broadway in the Flatiron District, according to real estate services firm CBRE Group Inc.. . . more

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