Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fell to their lowest point in nearly a decade this summer as the pandemic compounded a downward trend in demand. Asking rents across Manhattan’s 16 main shopping corridors fell to $659 per square foot during the third quarter, according to CBRE. That’s down 12.8 percent from the same time last year, and the lowest level since the back half of 2011. Prince Street in Soho saw the largest drop in asking

source https://therealdeal.com/2020/10/15/manhattan-retail-asking-rents-fall-to-nine-year-low/