Manhattan Retail Figures Q1 2025

- Average asking rent in Manhattan’s retail corridors was $659 per sq. ft.— down 5% from the prior quarter and 4% year-over-year.

- The taking rent index for the prime 16 retail corridors was 80.5%, down 70 basis points (bps) from the prior quarter but up 220 bps from 78.3% a year prior.

- The number of direct ground floor availabilities across Manhattan’s 16 premier shopping corridors declined to 188 from 194 —down 3% quarter-over-quarter but 2% above the year prior.

- The rolling four-quarter aggregate leasing velocity, which measures total leasing (renewals and new leases) for the four prior quarters, was over 3.5 million sq. ft., up 7% from the prior quarter and 14% above the same period one year ago. 

- In January, New York City launched its congestion pricing program, which imposes a toll on vehicles entering Manhattan's Congestion Relief Zone below 60th Street to raise funds for the MTA. The program is expected to lead to increased costs for consumers, particularly those who rely on goods delivery services to Manhattan.