Retail Rents Plummet Across New York City, as America’s Glitzy Shopping Districts Turn into Ghost Towns

August 8, 2020

Article by:  Lauren Thomas

• America’s glitziest and most expensive shopping districts are losing tenants, and rents are in a free fall.
• “In the U.S., certainly you will see that what was once perceived as a luxury block … is no longer exclusively luxury,” said Naveen Jaggi, the president of commercial real estate services firm JLL’s Retail Advisory team.
• Average asking rents along 16 major retail corridors in Manhattan declined for the eleventh consecutive quarter, falling to $688 per square foot in the second quarter, according to CBRE.
• The drop marked in Manhattan retail rent was the first time since 2011 that prices dropped below $700.

Read the full article:  https://cnb.cx/3ioZNCX