Retailers Experience Another Drop in Asking Rents

Retailers Experience Another Drop in Asking Rents

Retailers who have balked at soaring Manhattan rental costs may have noticed some reprieve this year, with reported asking prices dropping by almost a 20 percent across most shopping districts in the city.

Average rental prices in the Meatpacking District’s Washington Street, between 14th and Gansevoort streets, fell to $490 per square foot, down from $623, the publication reported, citing a CBRE report.

“I think we will start to see some more of the savvier tenants of companies realize we’re starting to get to a point where they can drive some good deals for themselves,” Andrew Goldberg, CBRE’s vice chairman. READ MORE

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