×
51 771
Fashion Jobs
SUNDANCE
Buyer, Market Apparel
Permanent · SALT LAKE CITY
ADIDAS
Senior Manager Buying (Concept Stores)
Permanent · Portland
NEW BALANCE
Loss Prevention Officer (Day Shift)
Permanent · Skowhegan
L'OREAL GROUP
Mgr/sr Manager-Demand Planner
Permanent · Newport Beach
L'OREAL GROUP
Kiehl's Since 1851 - Director of Ecommerce
Permanent · New York
L'OREAL GROUP
Salon Business Partner (Saloncentric) - Troy, mi
Permanent · Troy
ABERCROMBIE AND FITCH CO.
Asset Protection Investigator
Permanent · Concord
OLD NAVY
Asset Protection Lead - Outlts @ Little Rock
Permanent · Little Rock
OLD NAVY
Assistant General Manager, Merchandising - Northcross
Permanent · Huntersville
OLD NAVY
External Asset Protection Lead - Franklin Park
Permanent · Toledo
OLD NAVY
General Manager - Four Flaggs
Permanent · Niles
OLD NAVY
Assistant General Manager, Merchandising - Crossings of Decatur
Permanent · Decatur
OLD NAVY
Assistant General Manager - Festival Mkt@Dogwood
Permanent · Flowood
OLD NAVY
General Manager - Barrow Crossing
Permanent · Bethlehem
OLD NAVY
Asset Protection Service Representative -Sports Arena Plaza
Permanent · San Diego
OLD NAVY
Buyer, Girl's, Outlet
Permanent · San Francisco
OLD NAVY
Asset Protection Agent - Fulton Street
Permanent · New York
OLD NAVY
General Manager - Franklin Park
Permanent · Spokane
OLD NAVY
Assistant General Manager, Merchandising - Brickyard Square (New Store)
Permanent · Epping
OLD NAVY
Assistant General Manager - Eagan Promenade
Permanent · Eagan
OLD NAVY
General Manager - Conyers Crossroads
Permanent · Conyers
OLD NAVY
Asset Protection Manager - Utah
Permanent · Salt Lake City
Published
May 18, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Manhattan retail real estate slows due to rising rent and sluggish sales

Published
May 18, 2016

Slow retail sales have effected real estate prices in Manhattan.
 
The Real Estate Board of New York’s (REBNY) Manhattan Retail Report for Spring 2016 shows that ground floor retail rents are declining in 10 of the 17 corridors surveyed. Many believe that this adjustment is a response to the significant increase in rents over the past few years, but the slowdown in retail growth seemed to have led to more available retail spaces and less competition.


Westfield World Trade Center Mall - Westfield


The report states, “Many of these retailers are seeing uncertainty in the market, anticipating that this will impact the retail leasing market, and proceeding with caution when pursuing new leases with the idea that asking rents will adjust from the historic highs of 2015. Comparatively, lease renewals are still being completed briskly in Manhattan as established brands with steady sales remain confident.”
 
The Manhattan Retail Advisory Group believes this year will be a decisive period for the retail leasing market, and if sales remain sluggish and retail jobs decline then the number of vacant stores will increase.

The asking rent in SoHo on Broadway between Houston and Broome Streets declined 16% from $977 to $824 per square foot, Herald Square on West 34th Street between 5th and 7th Avenues dropped 11% from $1,000 to $890 per square foot and Madison Avenue between 57th Street and 72nd Street decreased 3% from $1,644 to $1,613.
 
The West Village and Financial District Corridor have stood up against the retail headwinds increasing 7% and 39%, respectively. The Financial District had a great increase due to “improvements with the completion of the Fulton Center and World Trade Center Transportation Hub, in addition to new residential development in this area and in nearby Downtown Brooklyn and South Brooklyn,” according to the report. The increase can also be attributed to Westfield World Trade Center mall.

Copyright © 2021 FashionNetwork.com All rights reserved.