Retail leasing in Manhattan went through its first period of growth since mid-2019, ending 24 months of declining activity, according to data from CBRE.
Nearly 1.6 million square feet were leased in the borough during the 12 months leading up to the third quarter of this year—a 4.4% bump from the prior quarter, but still 45.5% below a year prior. The largest deal driving the uptick was Wegmans’ 89,000 square-foot lease at the former Kmart store at 770 Broadway, making the grocery category the most active in the market in terms of space.
It was followed by a 34,000-square-foot lease for Brooklyn-based spa Bathhouse. Both deals were the first Manhattan
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