Industry Experts Report Vibrant Tenant Activity

NEW YORK CITY-Average asking rents for retail space in Manhattan have risen to $88 from $85 per sf in the past six months, according to The Real Estate Board of New York’s semi-annual retail report. During the same period, available square footage has decreased marginally by 0.5%. While the results revealed a broad stability, the lower Manhattan retail environment is continuing to suffer.

A breakdown of the data by market shows that asking rents for ground floor space in high-end retail corridors, such as Fifth Ave. between 48th and 59th streets and Madison Ave. between 57th and 67th streets, rose dramatically–22% and 38%, respectively. Overall, the average asking rent for ground floor space along the primary retail streets increased 4.9%.

“There were no real surprises in the report,” says Michael Slattery, REBNY’s senior VP, research. “It showed a certain stability in the marketplace. The numbers indicate that it’s not robust, but still positive.”