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Fall 2004 Retail Report
October 15, 2004
Many of the Major retail corridors had significant increases in the asking rent for their ground floor space.
- The 34th Street corridor (between 5th and 7th) jumped 82% to $299 per square foot.
- Along West 42nd Street (between 6th and 8th) average asking rent rose 54% to $243 per square foot.
- The East Side rose 24% to an average asking rent of $453. The median asking rent increased 17% to $321.
- The asking rent in Midtown South was up 21% to a median of $186 per square foot. The average asking rent rose 19% to $187 per square foot for ground floor space.
The market area asking rents, which surveys all available space, likewise showed improvement.
- West Side average asking rent climbed 27% to $136 per square foot for all space.
- Midtown South saw an 11% increase in average asking rents for all space to $78 per square foot.
- Increasing 4% were the East Side, Midtown and Downtown areas to $148, $129 and $73 respectively for all space.
The Manhattan average asking rent for all space rose 5% to $97 per square foot.
- Stores with less than 1,000 square feet continue to lead with an average asking rent of $159 per square foot, an increase of 7%.
For the first time, the report highlights ground floor retail on 125th Street. Though asking rents are modest compared to West 34th Street and W 42nd Street, mentioned above, they rose 28% in the last year to an average of $77 per square foot.