The Manhattan market continues to make the difficult adjustment to the new realities of the retail business.  Fortunately, the city’s demographic and economic fundamentals remain positive, with quarterly retail sales, gross city product and tourism numbers continuing to rise.  Leasing velocity decelerated modestly in the latter half of 2019, though the average volume remained well ahead of the levels experienced over the previous two years.  The number of direct, ground-floor availabilities remain elevated compared to prior years, with a modest quarter-over-quarter increase at year end, bringing the total to 219 available spaces in the 16 main retail corridors in Manhattan.