Average asking rents have declined in most of the retail corridors surveyed, according to our Fall 2009 report, reflecting the impact of the global recession on the local economy as well as a market correction from all-time high retail rents.
High traffic, high profile areas such as Times Square and Fifth Avenue and trendy locations like Meatpacking and SoHo have continued to fare relatively well.
Major retail stores are doing better in their urban locations, such as New York, than they are doing in their suburban mall locations, according to our Advisory Group.
There continues to be activity in the marketplace, as tenants like Kohls, TJMaxx, Whole Foods, Nordstrom, CB2 and Trader Joes are looking for initial or additional locations.
More importantly, deals are being done, such as MAC Cosmetics and Swarovski in Times Square, Espirit on 34th Street, J. C. Penney in Herald Square, Nordstrom Rack in Union Square, and Duane Reade and CVS throughout the city. In addition, restaurants, especially quick service and sandwich shops, are also opening all over town.