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Fall 2005 Retail Report
October 18, 2005
The East Side and Downtown major retail corridors had significant increases in the asking rent for their ground floor space.
- The Third Avenue corridor (60th - 72nd Sts) climbed 32% to $248 per square foot.
- Along Broadway (between Houston and Broome St.) in SoHo average asking rent rose 27% to $228 per square foot.
- The asking rent on Hudson St (between Chambers and Canal St) in TriBeCa was up 21% to an average of $68 per square foot.
- The Broadway corridor (between Battery Park and Chambers St) in Lower Manhattan saw its average asking rent increase 12% to $125 per square foot.
The market area asking rents, which surveys all available space, likewise showed improvement.
- The East Side climbed 26% to an average asking rent of $186 for all space.
- Downtown average asking rent rose 16% to $85 per square foot for all space.
- Average asking rents in Midtown South increased 5% to $82 per square foot for all space.
- On the East Side stores with less than 1,000 square feet saw a 31% increase in average asking rent to $205 per square foot. · Stores south of 14th St (Downtown) with less than 1,000 square feet saw their average asking rents rise to $151 per square feet for all space, an increase of 27%.
Overall Manhattan average asking rent for all space rose 5% to $102 per square foot.