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-Average asking rent in Manhattan’s retail corridors was $670 per sq. ft.— virtually unchanged from the prior quarter but down 4% year-over-year.
-The taking rent index for the prime 16 retail corridors was 80.8%, down 50 basis points (bps) from the prior quarter and 40 bps below a year ago.
- The number of direct ground floor availabilities across Manhattan’s 16 premier shopping corridors increased to 173 from 171 —up 1% quarter-over-quarter but 11% below 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 3.8 million sq. ft., down 10% from the prior quarter but 4% above the same period one year ago.