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Spring 2007 Retail Report

May 16, 2007

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  • The average asking rent per square foot (psf) for all Manhattan retail space was $107, nearly unchanged from last year.
  • The East Side reported the highest average asking rent psf of $155. Midtown was next with $133 psf.
  • Upper Manhattan posted the largest average asking rent psf increase when compared to last year at 18%, followed by Downtown at 9%.
  • Average asking ground floor rent psf in eleven of the fourteen major corridors surveyed showed a percentage increase, ranging from 7% to 120% when compared to last year.
  • Madison Avenue (57th to 72nd St) recorded the highest average ground floor price of $1,158, followed by Fifth Avenue (49th to 59th St.) at $844. These represented increases of 28% and 10%, respectively.
  • Broadway (42nd to 47th St) had the highest percentage increase for ground floor asking rent psf of 120%. The next highest were Tribeca's Hudson St (Chambers to Canal St) at 73%, and 34th St (5th to 7th Ave) at 58%.