(NEW YORK, NY) — Good news brokers: average asking rents for available ground floor retail spaces have decreased over the last couple of months in 12 Manhattan corridors, according to the Real Estate Board of New York in a new report.
Manhattan’s top retail corridors continue to experience declining rent values, the REBNY report finds, and subsequently, increased deal-making with tenants.
#ColumbusAvenue on the #UpperWestSide experienced its third consecutive year-over-year decline in ground floor #retail average asking rent. #Storefront price corrections have been ongoing since 2015. #RetailReality #nycre pic.twitter.com/A0wkJKK6qA
— Real Estate Board NY (@REBNY) May 22, 2019
125th Street in Harlem posted the largest year-over-year average asking rent increase of 10 percent, according to the report, which cites several new spaces west of Fifth Avenue that came to market at the end of 2018, where rents tend to be higher compared to the eastside.
“Manhattan’s continued natural correction in retail rents is spurring deal-making across the borough’s top corridors as retailers reconsider new and existing ground floor spaces,” said John H. Banks, REBNY President.
Banks notes industry experts have seen “declining rents fostering a healthier leasing environment as more space is being absorbed at a more affordable rate than seen in recent years.”