NEW YORK, NY (November 21, 2016)—CBRE Group, Inc., today released a Manhattan Marketflash.
The brief focuses on tenants seeing more opportunities to participate in the market as Manhattan retail rents decline from historic peaks. In tandem, retailers are innovating new strategies to drive foot traffic to their stores and consumer interest in their brands.
The evolving market is bringing in new retailers, while changing consumer tastes are creating different conceptions of retail. Luxury retailers that delayed their entrance into Manhattan have begun testing the waters. Tenants are becoming more innovative as they unveil experiential retail concepts, a trend evident across multiple retail categories.
Long-term resilience across Manhattan retail is likely, driven by strong population growth, increasing household income and tourism as well as a diverse employment base. While post-election uncertainty is present, it is unlikely to dampen the long-term prospects for Manhattan retail.
The full Manhattan Retail Marketflash is attached.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
The brief focuses on tenants seeing more opportunities to participate in the market as Manhattan retail rents decline from historic peaks. In tandem, retailers are innovating new strategies to drive foot traffic to their stores and consumer interest in their brands.
The evolving market is bringing in new retailers, while changing consumer tastes are creating different conceptions of retail. Luxury retailers that delayed their entrance into Manhattan have begun testing the waters. Tenants are becoming more innovative as they unveil experiential retail concepts, a trend evident across multiple retail categories.
Long-term resilience across Manhattan retail is likely, driven by strong population growth, increasing household income and tourism as well as a diverse employment base. While post-election uncertainty is present, it is unlikely to dampen the long-term prospects for Manhattan retail.
The full Manhattan Retail Marketflash is attached.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
