Fall 2013 Retail Report

The leasing market for Manhattan retail space has maintained its strength, bolstered by strong demand and additional retail spaces coming on the market in new mixed use developments. Asking rents in the highest priced corridors have remained at or near their record highs. Fifth Avenue between 49th and 59th once again achieved the highest average ground floor asking rent; the $3,170 per square foot figure was an increase of 18 percent from last fall and 4 percent from this spring. Average ground floor asking rents on Broadway and 7th Avenue between 42nd and 47th Street have increased 17 percent from last fall and are unchanged from the spring at $2,175.