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Manhattan Retail Rents Extend Slide, Showing Covid’s Full Impact

Retail rents in Manhattan have continued to fall even as new businesses sprout up and vaccines spur optimism for a return of shopper traffic.

Soho again was the hardest-hit market in the first quarter, with average asking rents falling 20% from a year earlier to $279 a square foot, according to a report by Cushman & Wakefield. Recent long-term leases by luxury retailers failed to put a dent in supply: About 30% of the district’s retail space is up for grabs.