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"The Manhattan retail market continued to suffer, with all property market metrics continuing to be negative. We did however see a number a significant leasing transactions in the major streets. The luxury area in particular, where opportunistic retailers are taking advantage of the retailer favourable market conditions. Deals with luxury brands including Cartier, Gucci, Polene, Bottegsa Venetia and Tumi completed in the city’s high end districts. Food and beverage lease activity has been leading the transaction levels, with deals to Smashburger, Delmonico’s, Sonic and Pera Mediterranean. The key indicator of spend and employment being up and residential vacancy reducing and strong vaccine take up, is leading to a stronger confidence going forward into leasing markets."