Those anticipating a downward correction in the Manhattan retail market will have to wait for another quarter.

According to a report by CBRE, ground-floor retail availability decreased across 16 of Manhattan’s shopping corridors in the first quarter of 2023, marking the seventh consecutive quarter of a drop in availability. The average asking rent increased to $638 per square foot, a rise of 3.7% from Q4 2022 and 8% YoY, with this being the third straight quarter of asking rents increasing. The aggregate ...