CBRE’s promising Manhattan retail report overlooks vacant midtown Sixth AveBy Steve Cuozzo
April 16, 2023
Things look rosier for Manhattan’s retail market than they have for a while — if you believe the stats, that is.
A new report just out from CBRE cites a bunch of upbeat metrics for the first quarter of 2023. But Realty Check’s eyes tell another story — not negating the findings, but adding nuance to the big picture.
First, the good news. According to CBRE, available storefronts tracked across 16 prime shopping corridors fell by 7.2% from the fourth quarter from 2022 to 206.
Average asking rents increased for the third consecutive quarter to $638 per square foot, up 3.7% from the prior quarter and 8% higher than a year ago.
There were impressive transactions at premier locations. LVMH signed a new 43,500-sq.-ft. lease for Louis Vuitton at The Trump Organization’s 6 East 57th Street, where Tiffany was temporarily parked before it moved back into its original building on Fifth Avenue.
Substantial if smaller deals included J.Crew’s 27,000 square-foot renewal at 91 Fifth Avenue; a new, 26,000 square-foot lease for Aqua Restaurant Group at 902 Broadway; and a new, 18,000 square-foot location for H&M at 591 Broadway.
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Source:
https://nypost.com/2023/04/16/cbres-promising-manhattan-retail-report-overlooks-vacant-midtown-sixth-ave/
