Spring 2009 Retail Report

Manhattan average asking rents for allavailable space declined 11 percent from the Fall 2008 to $115. Each of the borough’s six geographic areas showed a decline in the average asking rent for all available space, ranging from 6 percent in Midtown to 22 percent on the West Side compared to six months earlier. Double digit declines in the average asking rent for all available space were reported on the East Side (12 percent), Midtown South (14 percent), Downtown and Upper Manhattan (13 percent).