New York’s office sector continues to face high vacancy rates, but the retail market is seeing a stronger recovery from the pandemic. According to a JLL study, retail availability in prime New York corridors fell to 14.7% in Q3, down from a peak of 28% in 2021 and below the 21% average in 2019.O
Lower Fifth Avenue (42nd to 49th streets) hit a record-low availability of 11.3%, down from 21% just last quarter. SoHo saw a sharp drop to 11.5% from 34.6% in 2021. Of nine prime corridors, seven posted lower quarter-over-quarter availability.
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