Retail News

Cheaper leases have restaurants and retailers taking new spaces in Manhattan

CNBC 07/15/2021

Restaurant chains signed 23 new lease deals in Manhattan during the second quarter and retailers agreed on 10 others as lower rents are being offered by landlords trying to attract commercial tenants following the damage done to their businesses last year by the novel coronavirus pandemic. “Restaurants are busy right now. Super busy. And so a lot of that deal-making is a bit opportunistic because … people are thinking more about the long-term comeback,” said David LaPierre, vice chairman of CBRE’s global retail services team.

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