Retail Rent in Manhattan Keeps Rising
Retail rent in Manhattan continues to rise, according to a report by The Real Estate Board of New York (REBNY). For the first quarter of 2015, ground floor rents for vacant space have gone up in 16 of 17 popular retail corridors.
However, the biggest average increases were not along the super expensive sections of Fifth Avenue or Madison Avenue, but on 57th Street between Fifth and Park and on the Upper East and Upper West Sides.
E. 57th St. between Fifth and Park : Up 60% to $1,600 per sq. ft.
Third Ave. between 60th and 72nd: Up 39% to $363 per sq. ft.
Broadway between 72nd and 86th: Up 37% to $390 per sq. ft.
E. 86th St. between Lexington and 2nd: Up 19% to $456 per sq. ft.
Fifth Ave. between 42nd and 49th: Up 17% to $1,200 per sq. ft.
14th Street between 9th and 10th: Up 10% to $372 per sq. ft.
5th Ave. between 49th and 59th: Up 4% to $3,683 per sq. ft.
Times Sq. between 42nd and 47th: Up less than 1% to $2,413 per sq. ft.
“Our retail advisory group reports asking rents stabilizing in some areas; retailers both international and domestic continue to show interest and are making deals in the City’s most highly trafficked shopping destinations on Fifth Avenue, Madison Avenue and in Times Square,” said REBNY president Steven Spinola. “What our report found is that the steepest increases in asking rents were in other popular shopping destinations, some of which have concurrently seen an uptick in residential development.”
To read the whole report, click here.
