New Biannual Report Details Retail Rents

NEW YORK CITY- A new report has been published by the Real Estate Board of New York on the amount of retail space available in Manhattan, along with average asking rents and average stores sizes. Based on data supplied by a dozen of the city’s leading brokerage firms, it is scheduled to appear on a biannual basis.

Board member Robin Abrams of the Lansco Corp. notes that, “previously there was no reliable source of retail rents, and those that were quoted were felt by many brokers to be inaccurate, which complicated the leasing process.” REBNY hopes this situation will be ameliorated by the report, which board president Steve Spinola describes as, the “most comprehensive and objective record of retail rents in Manhattan.”

The 17-page document covers 2,919 stores averaging $96 per sf in six markets with an aggregate of more than 12.5 million sf of leaseable space. Those sectors are listed below from the highest to the lowest average asking price per sf. Also included is the average store size, rounded to the lowest hundred sf.