The “turning point” included such improved metrics as an average asking-rent uptick (2.2%) over the previous quarter, a significant barometer of landlord confidence.
Never mind the empty former Barneys building, the long-vacant Times Square corner of 701 Broadway at West 47th Street and all those other dark storefronts. Manhattan’s pandemic-battered retail leasing market has at last turned a corner, according to a cheery new third-quarter report from CBRE.
The “turning point” included such improved metrics as an average asking-rent uptick over the previous quarter, a significant barometer of landlord confidence and the first such rise since the fourth quarter of 2016; and a 5% decline in the number of direct-lease ground-floor availabilities in 16 prime corridors tracked by CBRE.
Activity was especially visible in the Grand Central, Flatiron and Union Square areas, according to CBRE, which saw 68,000 square feet and 56,000 square feet of new deals and renewals, respectively. Retail landlords and brokers have been buoyed by the tourism and live entertainment revivals and, at last, aThe findings are undeniably good news. Even so, CBRE noted that some of the new leases are for pop-ups
Retail landlords and brokers have been buoyed by the tourism and live entertainment revivals and a growing number of workers returning to offices.Many “restaurant” deals were for unglamorous fast-casual spots such as Wendy’s replacing Pret a Manger at 24 W. 23rd St.
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