May 19, 2017
New retail spaces opening in Downtown New York City are pushing the average rent nearly as high as the average rents in Midtown.
Retail rents rose to an average $136 per square foot in Downtown Manhattan in the second quarter 2017. That’s up double digits — 13.7% — from to the year before. The retail rents Downtown are only $1 per square foot behind the average rent in Midtown of $137 per square foot — some of the highest retail rents in the country, according to the Second Quarter 2017 Retail Report from Marcus & Millichap.
Average vacancy rates Downtown rose 4.2% in the first quarter compared to the year before, the highest of any of the areas of Manhattan.
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