Asking rents for major retail space are dropping across NYC’s 5th Avenue, LA’s Rodeo Drive, Chicago’s Michigan Ave, and the Las Vegas strip. For the first time since 2011 prices have dropped below $700 per square foot – an 11.3% decline from a year ago. What does this mean for commercial tenants in NYC? Possibly more bargaining power as landlords try to fill vacancies.
Let GE Grace lead your lease negotiations as 2020 progresses into the 4th quarter, amid Covid19.