The Manhattan Retail Report, the Real Estate Board of New York's (REBNY) bi-annual journal, recently published figures gathered during the fall of 2018 concerning asking rent values. A decrease of 15 year-over-year ground floor retail asking rent from 17-high profile corridors is a big decrease. As World Property Journal stated, four more corridors posted a decline in the same period, making it the highest total decline since 2000's Manhattan retail report.

In average, the decline in retail asking rents has soared to 25 percent from three years ago. Ten of those were at values of 20 percent, while the remaining three are at 30 percent. The largest value the journal ever reported so far has been 37 percent, pertaining to the West Village on Bleecker Street ground floor retail spaces.

REBNY, through the journal, observed that most owners and retailers have been responsive to the challenges that NYC have been facing. Adjustments have been made on lease terms as well as deals which are considered short-term. Allowances on improvements have experienced improvements and retailers are looking at fresh new concepts in the effort of keeping things fresh.

It would certainly help matters that still look grim so far. Plaza Hotel on Fifth Avenue, in a report relayed by Bloomberg, experienced rent decline to the tune of 13.5 percent down during this year's second quarter. So far, in the neighborhood of Fifth Avenue, it holds the record for largest decline among other properties tabulated by brokerage firm CBRE Group, Inc.

Landlords have done everything they can to sell off these properties. Rents have been reduced to as much as more than half, and owners have been more than willing to negotiate which flexible terms potential tenants could offer. However, these tenants have been few and far in between, and they've usually been hesitant to rent any of New York's 143 vacant retail slots.

David LaPierre of the CBRE, however, contends that this is only a 'phase.' Echoing his confidence, LaPierre said that this is only a pause and that potential tenants-the retailers-are only doing due diligence. This is not only in New York but everywhere in general, as they try to figure out the path which creates maximum growth for them.

The slow-down has shown positive signs of abating. Asking rents have fallen 12.1 percent a year earlier. This year, that has fallen to 19.5 with the annual decrease being measured during the first quarter of this year.