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IPFS News Link • Business/ Commerce

Manhattan Retail Rents Plunge Without Office Workers, Tourists

• https://www.zerohedge.com, by Tyler Durden

Average asking rents in the borough plunged 14% in the fourth quarter of 2021 compared with one year ago, according to a new report published Monday by commercial real estate services company Jones Lang LaSalle Inc. (JLL). 

JLL said retail rents in the quarter fell the most in Times Square, down 37%, but the repricing has resulted in some retailers signing new leases, taking advantage of heavily discounted rents. 

The number of new leases in the borough jumped 24% from the prior quarter, decreasing available inventory from 28% to 27%. 

"Decreased availability correlates directly with the surge in leasing activity, as retailers continue to capitalize on market conditions to secure high-quality spaces at a discount," JLL said in the report.


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