New York Market Overview
Office:Jay Suites signed a 60,000-square-foot lease in Chelsea at 159 West 25th Street at $30 per square foot.
WeWork will close another 40 locations, or about 41,000 desks. 71% of WeWork’s locations are occupied.
David Zwirner Gallery signed a 36,000-square-foot lease at 520 West 20th Street.
Retail:Annual rents for Upper Fifth Avenue stores averaged $2,000 per square foot, up 14% from pre-pandemic levels. and remain 6% below pre-pandemic levels.
Retail availability dropped nearly a full percentage point year-over-year to 5% last quarter. It was the lowest level of availability.
New York City is pushing for even more shopping on Fifth Avenue this holiday season. For the three Sundays leading up to Christmas, the avenue between 48th and 57th streets will be closed to vehicular traffic in the afternoon. The success of the stretch isn’t the only positive news for the country’s retail recovery: Spaces are filling up nationwide.
Smoke shops are a classic staple of the New York corner store. However, in just a few months, they have become some of retail’s biggest space takers, selling cannabis.
Tom Brady’s TB12 training center is opening its first standalone location in Manhattan. The fitness company signed a lease in Soho to take 3,500 square feet on the second floor of 550 Broadway.