REBNY Retail Reports

Fall 2003 Retail Report

REBNY Press

October 16, 2003

The primary retail locations saw asking price increases over last twelve months. Manhattan average asking rents psf rose to $92, an 8.2% increase over the average asking rent a year ago. The East Side recorded the largest increase as average asking rents rose to $143 a 28.8% increase over the average asking rent a year ago. Midtown average asking rent also showed a sizeable rise to $121, a 10% increase over the average asking rent a year ago. The West Side and Midtown South average asking rents also showed increases from a year ago of 7% and 4.2%, respectively. The premier retail corridors saw significant increases in average asking rent for ground floor space over the past year. The average ground floor asking rent for all the spotlighted retail corridors rose 35% to $275 from $204. Madison Avenue between 57th and 67th Streets saw the average ground floor space asking rent increase 39.3%, rising to $684 from $491. 57th Street between 5th and Park saw a 23.3% increase in average ground floor asking rent, as rents rose to $678 from $550. Fifth Avenue, between 48th and 59th Streets saw a 22.6% increase in average asking rent for ground floor space, as rents rose to $650 from $530.