The Real Deal New York

Retail rents in Manhattan will increase 3 percent this year to $111.24 per square foot, according to a third-quarter Retail Research Report by Marcus & Millichap Real Estate Investment Services. Vacancy is projected to remain at only 3.9 percent this year, the report said. About 250,000 square feet of retail space is expected to be added this year, compared to 119,000 square feet last year. Retail employment in Manhattan is on track to increase by 1.5 percent, a gain of 36,000 jobs by year’s end, compared to 33,000 new hires last year. TRD