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Bloomberg
Manhattan’s retail pain is worsening as the pandemic drags on, with rents falling in every major shopping district.
Soho was hit the hardest in the fourth quarter, with average asking rents dropping nearly 22% to $290 a square foot, according to a report by brokerage Cushman & Wakefield Plc.
Rents in the area, known for its many fashion boutiques, have been sliding over the past four years.
Asking rents tumbled 20% on lower Fifth Avenue — running from 42nd to 49th streets and dominated by big national chains. Upscale Madison Avenue saw a 16% decline.
Manhattan’s retail woes have intensified over the past year as social-distancing measures and Covid-19 spikes continue to keep shoppers home.
The supply of space is surging in most areas, with availability rates in key districts such as Fifth Avenue, Soho and Meatpacking at 24% or higher, according to Cushman.