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Manhattan Retail is on an Upswing

NEW YORK CITY-Recently released statistics on the retail market indicate the economy might just be turning around. And retailers are finding that Manhattan is the place to be.

By Barbara Jarvie | Updated on July 27, 2003

NEW YORK CITY-The Consumer Price Index was up, prices rose in June and there was increased production for autos and electronics. All are glimmers of hope that the economic outlook is getting better. And in Manhattan, brokers are seeing the signs that it just might be true.

“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%.

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