Comment on The number of retail leases in New York City fell by nearly 25% last quarter

Diego Torres Silvestre/Flickr New leases in New York City's borough of Manhattan fell by almost 25% last quarter Times Square was the hottest zone for new leases, CBRE said. The Manhattan retail market saw leasing activity fall nearly 25 percent during the last quarter to 506,000 square feet, though there are signs the sector is steadying. While leasing and renewal activity fell during the third quarter from 673,000 square feet during the three months prior, the number of ground-floor availabilities on Manhattan’s busiest shopping strips continues to decline from the peak registered earlier this year, according to CBRE. There were 197 ground-floor availabilities during the third quarter on the 16 major retail corridors the brokerage tracks, falling for the second quarter from the peak of 212 spaces in the beginning of the year, according to CBRE. The overall average asking rent fell 13.4 percent year-over-year to $711 per square foot. “The retail market in Manhattan is still finding its new level,” CBRE research director Nicole LaRusso said.