Manhattan Retail Figures Q1 2023

April 11, 2023 10 Minute Read

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  • Average asking rent in Manhattan’s retail corridors was $638 per sq. ft.—up 3.7% from the prior quarter and the third consecutive quarterly increase.
  • The taking rent index for the prime 16 retail corridors was 75.5%, up 310 bps from the prior quarter and 1160 bps from 63.9% in Q1 2022.
  • The number of direct ground floor availabilities tracked across Manhattan’s 16 premier shopping corridors decreased for the seventh consecutive quarter from 222 to 206—a 7.2% decline quarter-over-quarter and down 16.6% year-over-year.
  • The rolling four-quarter aggregate leasing velocity, which measures total leasing (renewals and new leases) for the four prior quarters, was 2.8 million sq. ft., up 5.4% from the prior quarter and 14.5% from the same period a year ago.
  • The city’s tourism board, New York City Tourism + Conventions, anticipates approximately 63.3 million travelers arriving in Manhattan by the end of 2023—a 12.2% increase over the 56.4 million visitors in 2022.