Retail Rent Drops 15.3% in NYC:

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.

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