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Retail leasing remains active in high value markets

  • ​Rental rates for 72% of listings and 72% of comps from the first half of 2017 fall below the Manhattan averages ($325/sf and $358/sf, respectively), with less than 4% and 6%, respectively above $1,000/sf for ground floor space.
  • Five of the top 10 markets by asking rent are along Manhattan’s west side, a potential indication that increased activity in the office leasing sector and new residential development is driving retail value up. Demand for amenities should continue to grow as product delivers and employees move in.
  • Amidst questions of the future of retail, New York, among other dense urban markets, continues to perform in accordance with shifting market dynamics (i.e. e-commerce and experiential retail). Retailers are proving to be differentiators as markets compete to attract and retain high value talent.​​

Source: JLL Research

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