Fall 2007 Retail Report

Retailers continue to do well according to our Advisory Group. In addition European retailers have been eager to establish a presence in New York and have been a key factor in our market. Another factor in the growth of asking rents is new development. These projects are offering space today that will not be available for two years and are pricing in anticipation of continued growth. A robust retail market and a vibrant local economy have resulted in a solid rise in asking price for retail space throughout Manhattan.