Manhattan retail rent starting to feel effects of a slow 2015

  • A slowing global marketplace has affected the rent prices in some of Manhattan's more luxurious corridors.
  • New space previously unavailable to the market has opened up new business and adjusted rent averages.

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Rent prices in New York reached record highs last year, but there is always a balance. According to the Real Estate Board of New York’s latest report, rent prices are beginning to fluctuate and adjust to the slowing global retail market. This caused retail spaces to move at a slower pace, and asking prices for space slipping away from the upward momentum.