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Fall 2007 Retail Report
October 18, 2007
Retailers continue to do well according to our Advisory Group. In addition European retailers have been eager to establish a presence in New York and have been a key factor in our market. Another factor in the growth of asking rents is new development. These projects are offering space today that will not be available for two years and are pricing in anticipation of continued growth. A robust retail market and a vibrant local economy have resulted in a solid rise in asking price for retail space throughout Manhattan.
In analyzing our retail corridor data, our Advisory Group has taken note of unusually high asking rents that likely have factored in potential sign income for these stores as well as surprisingly low asking rents for stores with an address on the corridors but with no actual corridor street frontage.
Here are the highlights of our Fall 2007 report:
- The average asking rent per square foot (psf) for all Manhattan retail space was up 26% to $133 compared to a year ago.
- Downtown average asking rent for all space increased 18% to $109, the first time rents have crossed the $100 a foot mark.
- Fifth Avenue (49th to 59th Street) recorded the highest average ground floor price of $1,250 psf, followed by Madison Avenue (57th to 72nd Street) at $1,108 psf. These represented increases of 21% and 22%, respectively.
- Broadway (42nd to 47th Street) had the highest percentage increase for ground floor space of 107%, followed by Broadway (Battery Park to Chambers) of 88%.