Overseas Headlines -April 21, 2021

April 21, 2021

United States:

Manhattan Retail Rents Extend Slide, Showing Covid’s Full Impact

“Retail rents in Manhattan have continued to fall even as new businesses sprout up and vaccines spur optimism for a return of shopper traffic. Soho again was the hardest-hit market in the first quarter, with average asking rents falling 20% from a year earlier to $279 a square foot, according to a report by Cushman & Wakefield. Recent long-term leases by luxury retailers failed to put a dent in supply: About 30% of the district’s retail space is up for grabs.” ”


U.K. Households Took a Bigger Pandemic Hit Than Top EU Nations

“U.K. households took on more debt and suffered a bigger hit to incomes during the pandemic than those in France and Germany, according to new research that indicates weakness in the potential for an economic recovery. The findings, released by the Resolution Foundation, fuel the debate over the government’s handling of the crisis after the U.K. had both one of the highest death rates and the deepest slump among Group of Seven nations.”



Two Asian Economies Show Rare Resilience to Global Crises

“South Korea and Australia are proving the odd couple of the global economy, managing to mitigate the impact of the Covid crisis due to deep links with China’s growth and key advantages unique to themselves. The duo’s connections aren’t obvious given Korea is a manufacturing powerhouse with skilled labor as key strength and Australia extracts vast resource wealth from a continent it has to itself.”



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