Spring 2005 Retail Report

May 23, 2005

The Northern Manhattan and Downtown major retail corridors had significant increases in the asking rent for their ground floor space.

The 125th Street corridor (river to river) climbed 38% to $90 per square foot.
Along Broadway (between Battery Park and Chambers St.) average asking rent rose 45% to $126 per square foot.
The asking rent on Fifth Avenue (between 14th and 23rd St) in Flatiron was up 38% to an average of $189 per square foot.
The Broadway corridor (between Houston and Broome) in SoHo saw its average asking rent increase 31% to $212 per square foot. The median asking rent increased 46% to $226.

The market area asking rents, which surveys all available space, likewise showed improvement.

Downtown average asking rent increased 14% to $82 per square foot for all space.
The West Side saw a 13% increase in average asking rents for all space to $127 per square foot.
The East Side and Midtown rose by 4% and 2% to $160 and $132 respectively for all space.
On the East Side stores with less than 1,000 square feet saw a 28% increase in average asking rent to $190 per square foot.

Overall Manhattan average asking rent for all space rose 6% to $103 per square foot.