Manhattan Rents Plummet As Restaurants And Retailers Fail Or Abandon The City, Only 30% Back To Work

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With declining foot traffic, retailers are rethinking their need for stores in Manhattan, leading to an abundance of supply and plunging rents.
According to commercial real estate firm Jones Lang LaSalle (JJL), average asking rents across all major Manhattan shopping districts, including Fifth Avenue, Times Square, and Madison Avenue, plunged 12% in the third quarter versus the same period last year.
JJL said the drop in retail rents last quarter was the largest in five years. Herald Square, a major commercial intersection in the borough, recorded the most significant decline in rents for the quarter, down 27%. Madison Avenue’s rents were down 23%, while Fifth Avenue, between 42nd and 49th streets rents, fell 11%.
SoHo had the largest share of new leases, but space availability remains elevated, at almost 35%, with apparel retailers struggling the most.
Tenants still have the upper hand and will continue to well into 2022 as supply remains abundant. New leases are coming with more perks, such as free rent for a couple of months and allowances for store improvements.
In a separate report earlier this month, the Real Estate Board of New York showed 30% of 311 storefronts in retail areas around Midtown East and Grand Central were vacant, which is more than double the historical rate.
Kastle Systems, whose electronic access systems secure thousands of office buildings across NYC, released new data that shows only 31% of workers were back at their desks in late October. Not much of an improvement over the last 19 months.