Commercial Real Estate Is Still Hot in Manhattan

NEW YORK CITY-Commercial real estate in the Manhattan retail and office sectors continues to boom, as companies continue to pay higher rents and demand space, according to Cushman & Wakefield’s quarterly market outlook. “It’s definitely a landlord’s market,” said Joseph Harbart, chief operating officer of the New York Metro area for the firm, at Michael’s Restaurant in Midtown.

On the retail front, the area is seeing more demand from both major US chains and international retailers. “Retailers are eager if not anxious to get into this marketplace,” Harbart says.

Among the new leases signed during the first quarter in the retail sector Harbart cites are French apparel-chain Anne Fontaine, on Madison Avenue; an Ann Taylor flagship on Fifth Avenue and two new leases for Crate and Barrel’s new CB2 concept.