Manhattan Retail Vacancies Hit Fresh Record, Weighing Down Rent
Retail space available on Lexington Avenue in New York on April 8.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
The amount of available retail space in Manhattan jumped to another record, even as pandemic restrictions ease across New York.
The availability rate rose to 28% in the second quarter, the highest in at least 10 years, according to a report from brokerage Jones Lang LaSalle Inc. Much of that was driven by apparel tenants, who accounted for 75% of all new listings, the brokerage said.