REBNY Retail Reports

Spring 2007 Retail Report

REBNY Press

May 15, 2007

The average asking rent per square foot (psf) for all Manhattan retail space was $107, nearly unchanged from last year. The East Side reported the highest average asking rent psf of $155. Midtown was next with $133 psf. Upper Manhattan posted the largest average asking rent psf increase when compared to last year at 18%, followed by Downtown at 9%. Average asking ground floor rent psf in eleven of the fourteen major corridors surveyed showed a percentage increase, ranging from 7% to 120% when compared to last year. Madison Avenue (57th to 72nd St) recorded the highest average ground-floor price of $1,158, followed by Fifth Avenue (49th to 59th St.) at $844. These represented increases of 28% and 10%, respectively. Broadway (42nd to 47th St) had the highest percentage increase for ground floor asking rent psf of 120%. The next highest were Tribeca's Hudson St (Chambers to Canal St) at 73%, and 34th St (5th to 7th Ave) at 58%.