Spring 2014 Retail Report

Manhattan’s retail leasing market remained vibrant through the first quarter of 2014. Strong interest in prime corridors and the repositioning of other corridors resulted in strong market conditions. Asking rents in the most coveted corridors showed the biggest increases this period. Fifth Avenue between 49th and 59th again had the highest average asking rent for a corridor and reached a new record at $3,550 per square foot, an increase of 16 percent compared to the Spring 2013 REBNY Retail Report. The Times Square retail corridor also touched a new high with an increase of 11 percent over last year to an average asking rent of $2,407 per square foot.