✨Don’t just browse - start exploring!✨
Store rents on major streets in Manhattan are not declining, according to a report by the Real Estate Board of New York.
Average asking retail on Fifth Avenue from 49th to 59th streets are $1,958 a square foot a year and there are virtually no prime locations immediately available, according to REBNY's most recent six-month survey issued today.
"The Madison Avenue corridor had the next highest average asking rent of $1,066, with some stores asking more than $1500 for ground floor space," according to the study.
On major shopping corridors, the report found that the sharpest increases were on Third Avenue between 60th and 72nd Streets, where asking rents for ground floor space were up 51 percent to $329 a square foot, and in the Flatiron District on Fifth Avenue between 14th and 23rd Streets, where rents were up 50 percent to $401.
Average asking rents on 125th Street rose 4 percent to $107, according to the report, which also found that the West Side's Broadway corridor between 72nd to 86th streets saw rents increase 23 percent to $384 and asking rents in the Broadway corridor between Battery Park and Chambers Street rose 12 percent to $198.
Rents rose 32 percent on West 34th Street between Fifth and Seventh Avenues and on Broadway between Houston and Broome Streets to $656 and $424, respectively.
"While the volume of retail leasing activity is strong, we are seeing that tenants appear to be taking a longer time to make decisions and to complete deals," said Steven Spinola, REBNY President.
Average asking retail on Fifth Avenue from 49th to 59th streets are $1,958 a square foot a year and there are virtually no prime locations immediately available, according to REBNY's most recent six-month survey issued today.
"The Madison Avenue corridor had the next highest average asking rent of $1,066, with some stores asking more than $1500 for ground floor space," according to the study.
On major shopping corridors, the report found that the sharpest increases were on Third Avenue between 60th and 72nd Streets, where asking rents for ground floor space were up 51 percent to $329 a square foot, and in the Flatiron District on Fifth Avenue between 14th and 23rd Streets, where rents were up 50 percent to $401.
Average asking rents on 125th Street rose 4 percent to $107, according to the report, which also found that the West Side's Broadway corridor between 72nd to 86th streets saw rents increase 23 percent to $384 and asking rents in the Broadway corridor between Battery Park and Chambers Street rose 12 percent to $198.
Rents rose 32 percent on West 34th Street between Fifth and Seventh Avenues and on Broadway between Houston and Broome Streets to $656 and $424, respectively.
"While the volume of retail leasing activity is strong, we are seeing that tenants appear to be taking a longer time to make decisions and to complete deals," said Steven Spinola, REBNY President.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
