"This Is Reality" - NYC Is Reopening, But Businesses Aren't Coming Back
Signs of an economic revival in Manhattan have been shattered by the sad reality that businesses aren't returning to the borough. Vacancies are piling up as rents plunge as the whole recovery narrative falls apart.
According to the Real Estate Board of New York's spring 2021 retail market report, rents declined across Manhattan's prime-time retail shops, with one neighborhood in Lower Manhattan, called SoHo, down 37%.
"Signs of a nascent recovery are tempered by the reality that traffic in most retail corridors is far from approaching pre-pandemic levels," the report said.
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