New York Market Overview
Manhattan OfficeLeasing volume slid to 1.16 million square feet, from 2.1 million square feet in February. Adjustments to commercial real estate activity after market sell-offs also can take months.
There are concerns that the pandemic will have a long-lasting impact on the economy and subsequently on demand for commercial real estate. Many clients have put deals on hold or completely walked away from them.
Manhattan Retail:Around 50,000 retail stores have closed due to the coronavirus pandemic. Retailers across New York City are closing. Amid the uncertainty and the layoffs, landlords are now faced with the choice of cutting their tenants loose, forgiving the rent or putting their faith in the government and insurance to pay them back down the road. Restaurants and bars in New York City can now only serve takeout, while gyms, movie theaters and casinos have all been ordered to close.
Restaurants and other retailers have seen business screech to a halt, because of coronavirus shutdowns and are warning their landlords that they may soon stop sending rent checks.