New York Retail Update – April 2017

The average asking rent rate in Manhattan decreased from $1,008/sf in 2015 to $967/sf in 2016 with 11 of 16 retail corridors recording declines, according to The Business of Fashion (citing CBRE data). Across all 16 corridors, average asking rents dropped by 2.7 percent in Q1-2017 (year-over-year) and by 20.8 percent since 2014 to $850/sf.

New York expects 12.4 million international visitors in 2017 – 300,000 fewer tourists than in 2016 partly due to the stronger dollar and Trump administration policies. According to the report, the spending power of one international tourist equals that of four domestic tourists, so the reduction could mean a sales loss of $600 million in 2017.

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