REBNY Retail Reports
October 18, 2006
The average asking rent per square foot (psf) for all Manhattan retail space rose 4% from last year to $106.Three areas with the largest increase in average asking rent psf compared to last year were: the Westside with a 14% increase to $122; Downtown with a 8.2% rise to $92 and Midtown's $137, a 7% increase. The median asking rent psf for ground floor space in the major Manhattan corridors increased 12.5% to $225; the average was $297, a dollar increase from last year.In the selected market areas, the median asking rent psf for ground floor space increased 15.4% in Midtown South to $300; and up 11.1% on the Westside to $250.In the selected major retail corridors, the ground floor median asking rent was up 26% on Madison to $1000, 28% in Flatiron area (Fifth Avenue) to $263, 42% on Seventh in Midtown to $479, and 50% on West 42nd Street to $300.Midtown ground floor median asking rent was the highest of the selected market areas at $475, a 5.6% increase from last year. Noteworthy increases in the average asking rent for ground floor space in the selected major retail corridors were: 15% to $100 on 125th Street, 26% to $288 on Broadway in SoHo, 28% to $160 on Broadway in Lower Manhattan. Fifth Avenue in Midtown had the highest average asking rent psf for ground floor space at $1035, a 27% increase from last year.