Retail Rent Drops 15.3% in NYC:
Madison Avenue corridor from 57th to 72nd Street, which holds a number of luxury retailers including Celine and Hermes,
saw rents drop 15.3%
from a year ago to $882 per square foot.
— Reminiscences of an American Capitalist (@4Awesometweet) August 3, 2020
WAGES OF BLUE-ZONE GOVERNANCE: Retail rents plummet across New York City, as America’s glitzy shopping districts turn into ghost towns.
- 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.
Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases.
Large-scale shifts triggered by work-from-home, staggering unemployment crisis, and oil-and-gas bust. Rents respond in real timet.co/qd9YE9LjGQ
— Wolf Richter (@wolfofwolfst) August 3, 2020