The average asking rent in Manhattan’s retail corridors was $607/sf in Q3-2022—a 2.2 percent increase from the prior quarter and the first increase since Q4-2016, according to CBRE. The rolling four-quarter aggregate leasing velocity—a measure of total leasing (renewals and new leases) for the four prior quarters—was 2.7 million square feet—up 2.6 percent from Q2-2022 and 53.1 percent from the same period last year, according to the report.

Flatiron/Union Square was the most active retail market in the third quarter, registering 56,000sf of leases signed across 12 transactions, most of which were in the Fifth Avenue corridor, according to CBRE. With over 68,000sf leased across five transactions, Grand Central recorded the highest leasing velocity (on a deal volume basis) among all Manhattan neighborhoods in Q3-2022; however, a significant share of this volume was driven by short-term deals, according to the report.

Last Updated on October 23, 2022 by Ramin Seddiq