Where have all the Manhattan tenants gone?

New York

DUSTY windows on Madison Avenue. Ghostly traces of signs on Columbus Avenue. Graffiti on a shop in SoHo.

Manhattan's top retail strips, some of which are among the world's most expensive shopping districts, appear to have seen better days.

Once-packed streets are being hit by competition from emerging neighbourhoods, and deep discounting from online retailers, according to community officials, landlords and brokers.

"Retailers are experiencing painful adjustments right now, there's no doubt about it," said Rafe Evans, a broker with Walker, Malloy and Co. He had struggled to fill some Upper West Side buildings with tenants that last more than a few years.

While middle-class neighbourhoods may be enjoying healthy vacancy levels, generally defined as about 5 per cent, the rate in more affluent areas is as much as 20 per cent, according to a survey of major stre…