Uptick in major Manhattan retail leases point to a recovery
January 17, 2023
NYC realtors who have been looking for signs that the plague of retail vacancies might be coming to an end took solace in a new report from CBRE showing a slight decline in available space and a 1.2 percent increase in lease values. In particular, the apparel sector faired well, leading leasing volume with over 546,000 square feet. New tenants during the fourth quarter included Cotton On, Chanel, Dolce Vita and Armani Exchange. The report also indicated that demand is great enough in the high-traffic retail districts of Soho and Nolita that stores are opening up on their outskirts.
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