Retail faces a bleak future in NYC

Manhattan’s retail rents fell in 2016, but some market observers predict the slide is only the beginning. The culprit: online retailers. “There’s nowhere to go but down,” Cushman & Wakefield’s Steven Soutendijk told Crain’s. “Rents got too high too fast.” One indicator of potential future rent decreases are availability rates, which remain precariously high in […]

Scorecard: Retail tenants spooked by high rents

From the May issue: Retail leasing picked up last month in prime parts of Manhattan but still remains below the monthly average for the last year. Over the past 30 days, retailers signed leases for 232,190 square feet at 83 locations below 65th Street in Manhattan. While that’s up from earlier this year, it’s still […]