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Rethinking Retail: How the Pandemic is Shaping the Manhattan CMBS Market

This year can be considered a major turning point for the retail market, largely because brick-and-mortar businesses face newfound challenges from the accelerated shift towards ecommerce. How has Manhattan retail changed in the wake of COVID-19?

Iconic Manhattan sites, such as Rockefeller Center, Macy’s Herald Square Flagship, and the luxury Fifth Avenue shopping district, have served as longtime fixtures in the holiday celebrations of millions of eager tourists and native New Yorkers every year. However, with mandates calling for smaller crowds, virtual programming alternatives, and strict social distancing protocols, this holiday season will look and feel different than usual.

In Rethinking Retail: How the Pandemic is Shaping the Manhattan CMBS Market, CompStak and Trepp’s latest joint report, the two companies explore how Manhattan retail has changed in the wake of COVID-19.

Download the report to learn more about our findings in key areas, such as:

  • Retail properties in Manhattan, now serving as collateral for 130 CMBS loans with an outstanding balance of $5.0 billion.
  • Post-crisis loans, which have been assigned an aggregate ARA of $259.2 million.
  • Delinquency and special servicing rates, currently at an all-time high of 16.78% and 17.55%.
  • Rising Manhattan retail distress rates, which include a steady rise in vacancies.

About CompStak & Trepp’s Partnership:

With the release of their third joint report, CompStak and Trepp continue to expand their partnership. Their work together also includes a robust integration, where Trepp clients can view CompStak’s critical market and submarket leasing metrics nationwide, including average starting rent, effective rent, tenant improvement, and lease term. Additionally, mutual clients of Trepp and CompStak have access to CompStak’s detailed property and space level data. For additional information, please email or call (646) 926-6707.