REBNY ‘s Fall 2020 Manhattan Retail Report Reveals Average Asking Rents Decreased to Historic Lows

The latest report released by the Real Estate Board of New York (REBNY) reflect a retail market in flux as both owners and retailers adjust to new challenges spurred by the coronavirus pandemic; as well as the resulting heightened restrictions on non-essential businesses upon Governor Cuomo declaring a State of Emergency in early March. Among the 17 corridors studied in the report, 11 corridors have witnessed an increase in retail space from 6% to 67% as retail shifts to a tenant’s market. The heightened flexibility among some landlords provides ample opportunity for retailers seeking entrance to the Manhattan market.