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Retail Rents Continue to Rise

NEW YORK CITY-Double digit increases in retail rents continue, according to the Real Estate Board of New York's fall report. Leading the way is the Third Avenue retail corridor between 60th and 72nd streets which saw a 32% increase to $248 per sf.

By Barbara Jarvie | Updated on November 17, 2005

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NEW YORK CITY-In the last five years, more than 50 retailers have established flagship stores in Manhattan, according to the results of the Real Estate Board of New York’s fall retail report. Those retailers, including such names as the Home Depot, Whole Foods and American Eagle Outfitters, have leased almost 500,000 sf. REBNY president Stephen J. Spinola says this “clearly demonstrates the bounce-back the retail market has made since 9/11.” Retail rents on major corridors increased by as much as 32% compared to last year, according to the report.

“Retail rents are a good indicator of the health of our city’s economy,” Spinola continues. “When demand for retail space translates to rising asking rents, we know that retailers want to be in New York.”

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