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Tourist-magnet Soho corridor sees 37% decrease in retail rentsCommercial rents fell across Manhattan retail corridors in the past year, with one Soho stretch down a whopping 37 percent.
That’s according to the Real Estate Board of New York’s spring 2021 retail market report, which covers March through May, previewed by The Post.
The retail rental market’s recovery depends on Manhattan office workers returning to their desks, the report said.
“Signs of a nascent recovery are tempered by the reality that traffic in most retail corridors is far from approaching pre-pandemic levels,” it noted. “Sustained momentum requires an accelerated return of employees to the office, the resurgence of tourists and the opening of cultural and entertainment venues. Over the next six months, we should see these drivers of retail growth improve.”
Retail space in tourist and commuter neighborhoods took the biggest hits according to the report.
Commercial rent has fallen dramatically this past year in Manhattan including by about 37 percent in one section of SoHo.