According to a survey by the Real Estate Board of New York (REBNY), Madison Avenue, lower Fifth Avenue, and Bleecker Street have emerged as key retail hotspots in Manhattan during the latter half of 2024. The report highlights increased leasing activity, primarily from newcomers like Boggi Milano, which represents 20% of recent transactions. Despite this resurgence, some areas like Midtown Third Avenue and Times Square continue to struggle. Factors driving this renewal include a strong jobs market, healthy tourism, and revitalized back-to-office trends, although asking rents mostly lag behind pre-pandemic levels.
Uptown Madison Avenue and a fashionable stretch of Bleecker Street are identified as Manhattan's hottest retail blocks, driven by new fashion stores and a robust leasing environment.
The report by REBNY cautioned that while there was renewed demand in retail spaces, asking rents on most corridors remain at least 10% below pre-pandemic levels.
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