"The Manhattan retail market has operated in a vacuum," said Joseph Harbert, COO of the New York Metro Region for the firm. "Regardless of what's going on with the macro economy, our retail market is strong, and we're seeing record-setting deals."
At year-end, Manhattan retail rental rates escalated to new heights in all submarkets. Retail rents for prime spaces, which posses both location and branding, set records, and Harbert noted the trend is expected to continue.
"We've seen particular markets – including Times Square, 34th Street, Fifth Avenue and Soho – that are rapidly escalating in terms of rents," said Harbert. "Each new deal sets a new benchmark."
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