"Consumers are back shopping," says Faith Hope Consolo, vice chairman of Garrick-Aug Worldwide Ltd. "It's been very active all over the city and in the tri-state area. Vacancy rates are down. Those that were sitting on the sidelines are expanding in the market."

In fact, 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 May retail report, a semi-annual, comprehensive collection of retail market data from a broad cross-section of the city's top real estate firms. During the same period, available square footage has decreased marginally by 0.5%.

"The report shows a snapshot of a market that seems to offer opportunity for retailers looking to establish or expand their presence in New York City," offers Steven Spinola, REBNY president. "There is premium space available on some of the most sought after retail venues in the world. Retailers should take note that while space is available, asking rents are relatively stable, and in some cases edging slightly higher."