Prime retail space is scarce enough that a few branch leases show up in the data.
JLL puts Q3 prime availability at 11.4%, with 157 spaces left across top corridors.
Asking rents averaged $605/SF, up 5.7%. SoHo is tightest at 7.4%.
Banks are part of the demand: Bank of America, Citibank and OceanFirst signed for nearly 35,000 SF in total.
The article notes more bank deals are pending, but gives no lease terms, rents or dates for the three signed.
Asking rent is not achieved rent, and the tracking series is only nine years long.
A thin inventory makes the availability rate sensitive to single leases, so one or two tenant types can move the headline. Banks are credit tenants that need street presence, which supports rent but narrows the tenant pool. Underwrite to achieved rent and lease terms, not the asking figure.
Related coverage
Key Takeaways
- In thin retail markets, a few bank branches can move the availability rate.
- Subleases leaving the market contributed to the tightening
- The three bank leases are at 19 Union Square West, 36 Union Square East and 170 West 72nd Street, with more bank deals pending
CRE Daily, Manhattan Retail Availability Hits a Record Low as Banks Pile In, Oct. 8, 2026 (citing JLL)
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