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Rents Rise as Retailers Look at New City Sectors

NEW YORK CITY-With rental rates rising across the city, according to a REBNY study, analysts say the industry is as hot as ever.

By Katie Hinderer | Updated on November 08, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-The Real Estate Board of New York’s Retail Report findings, which include rising rental rates in almost every portion of Manhattan, come as no surprise to those entrenched in the field. “We’re the hottest city in the world for retail,” says Henry Goldfarb, executive managing director, head of retail for Grubb & Ellis.

In the past 12 months, the average asking rent rose by 4% to $106 per sf. Bigger gains were seen in the borough’s most renown retail streets with asking rents increasing 14% on the Westside to $122 per sf, 8.2% in Downtown to $92 per sf and 7% in Midtown to $137 per sf. Ground-floor asking rents posted even higher increasing in asking rents. Madison Avenue’s rent rose 26% to $1,000 per sf, while West 42 Street saw a 50% increase in the last year to $300 per sf.

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