High Rent Is Spooking NYC Retail Tenants
Retail leasing in NYC is below last year’s monthly average, although leasing did pick up some this last month in the city’s top locations.
Retailers inked leases for over 232k SF at 83 locations below 65th Street in Manhattan over the last 30 days, The Real Deal reports. And while that’s a jump from earlier this year, it’s still a ways below last year’s 280k SF average.
“I don’t think demand has necessarily dropped but rising rents are creating resistance," says Mark Tergesen of ABS Partners Real Estate. And brokers say it’s taking longer to find tenants because many expect rents to start falling—but they haven’t fallen yet. [TRD]