Retail rents plummet across New York City, as America's glitzy shopping districts turn into ghost towns

and a Timberland. Those kinds of brands are the ones taking space. That's all you need to know about the direction of Fifth Avenue."

During the second quarter ended June 30, average asking rents along 16 major retail corridors in Manhattan declined for the eleventh consecutive quarter, falling to $688 per square foot, according to a report from the commercial real estate services firm CBRE. The drop marked the first time since 2011 that prices dropped below $700, the firm said, representing an 11.3% decline from a year ago.

The Upper Madison Avenue corridor from 57th Street to 72nd Street, which holds a number of luxury retailers including Balenciaga, Celine and Hermes, saw rents drop 15.3% from a year ago to $882 per square foot. All told, the number of ground-floor leases available in Manhattan's 16 retail corridors tracked by CBRE hit a record of 235, surpassing a previous high of 230 set back in 2013, the real estate group said.

Liberals ruined NY.

Who do you blame ?

Democrats intentional sabotage will not be funded by American tax players. Its not our place to bail you out for making ignorant voting decisions or management choices!

Interesting that CNBC is reporting this. Would brme far more newsworthy if the reasons why were detained.

Foot traffic is down 90%, rents should be heading so damn close to $0.

First draft of history, ignore the rioting and looting that happened and more distressingly was encouraged by many mayors of a certain political party. Way to go CNBC.

Lots of Bowling Alleys.

Moving to Florida!!

Sadly residential exodus also accelerating as more and more are exiting the big apple in advance of fall season.. Friends tell me movers a d moving vans are back logged up toward 4-6 weeks.

The viruth lol. Gubmint save us lol

Mask - ers -- & viruth believers - thanks for keeping Amazon stock great!!! 👌✌👋

Thank your Democrats running the city to the ground!

A retail real estate crisis was brewing long before covid_19.

They should turn all those vacant stores into stock trading education centers, Nasdaq stores that sell NASDAQ 20K hats, Robinhood retail outlets. Invest in what keeps going up everyday and what people do now to get rich. Give people what they want.

Escape from New York

Blame cuomo

This is the very preventable reason the Stocks are tumbling;

Nov 8, 2019...

Retail is dead all across America - not just NYC. Evidently, most Americans now prefer online shopping. It was heading in that direction prior to the pandemic and COVID-19 has aided in that trend.

Who cares? Fed is keeping rates artificially low and pumping out trillions in free money. Our Gov is giving out free money. The stock market is near all time highs thank to the pandemic (crazy right?). Home prices continue to rise beyond bubble levels. What could go wrong!!

The rent was too high in the first place

Maria41168395

It’s what the liberals want....they want government to control everything

De blasio mismanagement of Nyc cost ny money . Over taxation plus remote telework make nyc a place no one wants to live in

AlessioUrban Going back to the 70-80’s

As longs as you keep that disaster of a mayor and ridiculous governor, it will continue to plummet!!! Sounds like NY needs to vote Red all the way and turn your cities and states around!!!

It’s what cuomo wants till nov 4

Why?

Thanks Mayor Diblasio! Thanks for driving people out of NY! You and Cuoma have destroyed New York! EnoughIsEnough

Dems intend to destroy the country!

Who would want to live or invest in that he’ll hole now.

It's only fun if everyone is making money 💵

Good fuck em

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