Spring 2003 Retail Report

The average asking rent for all space increased 3.5% in Manhattan. Increases in the average asking rent were reported on the East Side 15.3%; Upper Manhattan 6%; the West Side 4% and Midtown 2%. On Manhattan’s premier corridors average asking rent increases for ground floor space were more dramatic. Madison Avenue between 57th and 67th Streets saw the average increase 38%; Fifth Avenue between 48th and 59th Streets saw a 22% increase. Overall, the average asking rent for ground floor space along the primary retail streets increased 4.9%.