Manhattan Retail Figures Q2 2023

July 11, 2023 10 Minute Read

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·       Average asking rent in Manhattan’s retail corridors was $645 per sq. ft.—up 1.2% from the prior quarter and the fourth consecutive quarterly increase.

·       The taking rent index for the prime 16 retail corridors was 78.8%, up 330 bps from the prior quarter and 930 bps from 69.5% in Q2 2022.

·       The number of direct ground floor availabilities across Manhattan’s 16 premier shopping corridors decreased for the eighth consecutive quarter to 200 from 206 — a 2.9% decline quarter-over-quarter and down 17.0% year-over-year.

·       The rolling four-quarter aggregate leasing velocity, which measures total leasing (renewals and new leases) for the four prior quarters, was 2.7 million sq. ft., down 11% from the prior quarter and from the same period one year ago.

·       The CDC ended its COVID-19 vaccination requirements for international travelers — lifting the final pandemic related travel restriction for noncitizen nonimmigrant air passengers entering the United States.