Manhattan’s retail market continues to recover, with availability dropping to 14.7 percent in the third quarter, the lowest ever recorded. This marks a significant improvement from the 28 percent peak in 2021.

There were just 202 available retail spaces, down from 210 the previous quarter, with lower Fifth Avenue seeing the most significant shift, dropping from 21 percent to 11.3 percent availability.

SoHo has also bounced back, with availability falling from 34.6 percent in 2021 to 11.5 percent. The area’s rent has risen to $301 per square foot, a 3 percent increase.

Some areas, like Madison Avenue and Williamsburg, saw slight increases in availability, while the Meatpacking District struggles with rising availability and falling rents.

(source: therealdeal.com, picture: Yoav Aziz)