Manhattan’s Retail Rents Plunge by Largest Amount in Five Years
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Manhattan retail rents plunged again, even as the city starts to come back from the depths of the pandemic.
Average asking rents fell almost 12% in the third quarter from a year earlier across all major Manhattan shopping corridors, including Fifth Avenue, Times Square and Madison Avenue, Jones Lang LaSalle Inc. said in a report Thursday. It was the biggest decrease in five years, the brokerage said. Herald Square saw the largest decline in rents, with a 27% drop, as the priciest spaces were taken off market, the firm said.