New York Market Overview
Retail:
Black Friday no longer appears to be the saving grace of retailers. Retail traffic dropped 28.3% from 2019.International flight bookings to NYC for the month were down 45% from 2019 levels but should increase as President Biden is now allowing vaccinated international travelers to come to the US.
CVS Health is shutting almost 1,000 stores in the next three years as it looks to develop new health care outlets. They will close approximately 300 stores on an annual basis in the next three years, one-tenth of CVS’ 10,000-store retail footprint.
Tourneau, signed a lease for about 3,500 square feet at Midtown Equities’ 29 Ninth Avenue. The rent is $2.1 million per year.
F.P. Journe is set to move from Madison Avenue location to a renovated townhouse at 53 Mercer Street. The new 6,210-square-foot lease includes the ground, a selling lower level and second floor
Office:
A survey of building managers and commercial real estate advisors found firms are largely deferring to their employees to determine what shape office life will take. The office’s workers are getting the most wiggle room in their schedules.Microsoft leased 150,000 RSF at 122 Fifth Avenue. The development is under renovation.
Just 8% of Manhattan office workers were back in the office five days a week in late October. On top of that, 34% of companies said they plan to reduce their office requirements over the next five years.
Amazon’s expansion in the tri-state area continues as the e-commerce giant reportedly eyes space in Jersey City for 400,000 square feet.
Biometric screener CLEAR is leasing 120,000 square feet across two floors at 85 Tenth Avenue.
799 Broadway Bain Capital Ventures has agreed to a 10-year lease for 8,700 square feet on the 10th floor. Asking rents were reportedly between $150 and $200 per square foot.
Index Exchange is reportedly subleasing 43,000 square feet from Casper Sleep at 3 World Trade Center.
