Spring 2004 Retail Report

The Retail Market showed significant improvement compared to a year ago. Manhattan average asking rents rose 10%, to $97 psf. Available space declined 19%, or more than 2.7 million square feet. In the major retail corridors, average asking rent for ground floor space increased 32%, to $284 per square foot. The 57th Street corridor (5th Ave. to Park) saw the average asking rents rise 55%, to $850 from a year ago. The 5th Avenue corridor (49th to 59th) average asking rents increased 11%, to $717 compared to Spring 2003. The upper end of the Madison Avenue asking rent range reached $850, a 17% increase in this indicator from a year ago.