As we review the retail landscape in Manhattan, it’s evident that the worst of the pandemic’s impact might be fading. Third-quarter statistics show a notable decrease in storefront availability, which drops to 14.7% and 13.9% according to JLL and Cushman & Wakefield respectively. This is a stark contrast to the high availability rates seen in mid-2021, indicating potentially greener pastures ahead for brick-and-mortar establishments.
Joanne Podell from Cushman asserts the current activity levels are robust across most trade areas, stating that we seem to have reached an equilibrium in the market. She emphasizes that neither landlords nor tenants hold dominance—suggesting a balanced environment that can foster stability and growth moving forward.
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