Manhattan retail rents tick up as recovery slogs along

Manhattan retail rents are on the rise, but remain below pre-pandemic peaks. Of the 17 major Manhattan retail corridors analyzed for a report by the Real Estate Board of New York, nine had average asking rent per square foot grow from Fall 2021. In the wake of the pandemic, supply chain issues, soaring prices and staffing shortages have kept retail tenants stuck in a slow recovery. The report also said major concessions and accommodations scored