Manhattan’s Urban Avenue Retail Sees Activity Uptick

In contrast to retailers in residential neighborhoods that fared better throughout the pandemic, Manhattan’s urban avenue retail corridors are beginning to see improving activity as workers gradually return to their offices and tourism is reviving. However, activity is not consistent throughout the borough; and although rents are returning to pre-COVID levels in several neighborhoods, corridors such as 5th Avenue where rents are driven by tourists, are slower to fully rebound.