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Retail Rents Start to Climb

NEW YORK CITY-Asking rents along Manhattan’s shopping corridors are up anywhere from 2% to 71% over last fall, says REBNY.

By Paul Bubny | Updated on May 20, 2010

NEW YORK CITY-Average asking rents for ground floor space in Manhattan’s retail corridors have gone up between 2% and 71% in the past six month, says the Real Estate Board of New York in a report released Thursday. The uptick in rents coincides with an increase in leasing velocity.

Fastest-growing average asking rents were seen on Broadway and Seventh Avenue between 42nd and 47th streets, which rose 71% to $1,400 per square foot, while those on Bleecker Street between Seventh Avenue South and Hudson Street rose 30% to $456 per foot, according to REBNY’s Spring 2010 Retail Report. Year-over-year increases of 49% and 41%, were seen in the aforementioned Broadway/Seventh Avenue corridor and on Fifth Avenue between 49h and 59h streets, where they now average $2,300 per square foot.

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