Manhattan’s retail rents are still dropping as the pandemic rages on, but the amount of available storefronts in the borough is on the downswing, according to the latest retail report from CBRE.
The number of available ground-floor retail spaces dropped from 282 during the third quarter to 266 in the fourth quarter along the 16 major corridors that CBRE tracks, a 5.7% drop quarter over quarter and the second consecutive quarter where the borough’s availability rate improved. The number of spaces remained slightly higher than the 264 availabilities during the fourth quarter of 2020, the report says.
Rents, meanwhile, continued to fall, declining by 1.2% quarter over quarter
→ Continue reading at Crain's New York Business
