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Fall 2003 Retail Report
October 17, 2003
The primary retail locations saw asking price increases over last twelve months.
- Manhattan average asking rents psf rose to $92, an 8.2% increase over the average asking rent a year ago.
- The East Side recorded the largest increase as average asking rents rose to $143 a 28.8% increase over the average asking rent a year ago.
- Midtown average asking rent also showed a sizeable rise to $121, a 10% increase over the average asking rent a year ago.
- The West Side and Midtown South average asking rents also showed increases from a year ago of 7% and 4.2%, respectively.
- The premier retail corridors saw significant increases in average asking rent for ground floor space over the past year.
- The average ground floor asking rent for all the spotlighted retail corridors rose 35% to $275 from $204.
- Madison Avenue between 57th and 67th Streets saw the average ground floor space asking rent increase 39.3%, rising to $684 from $491.
- 57th Street between 5th and Park saw a 23.3% increase in average ground floor asking rent, as rents rose to $678 from $550.
- Fifth Avenue, between 48th and 59th Streets saw a 22.6% increase in average asking rent for ground floor space, as rents rose to $650 from $530.