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.