Lower 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