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Manhattan Retail Rents Fall as Tenants Grab Discounted Space

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New York City Is on a Real Estate Rebound, Says Related's Blau
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Manhattan’s retail rents fell by the most in five years, with the biggest decline in tourist-heavy Times Square. 

Average asking rents slid 14% in the fourth quarter from a year earlier across the borough’s prime shopping districts, according to a report by Jones Lang LaSalle Inc. Times Square rents tumbled 37% as landlords repriced spaces to attract tenants, the brokerage firm said.