REBNY: Retail Rents Blossomed this Spring

NEW YORK CITY—Strong consumer demand and a tourism boom in New York City led to rising retail rents along Manhattan’s major shopping corridors this Spring, according to the Real Estate Board of New York’s Spring retail report. 

The area with the biggest surge was Fifth Avenue between 49th and 59th streets, which had the highest average ground floor asking rent among all primary shopping corridors citywide, setting a record at $3,550 per square foot, with rents increasing 16% compared to last year. The Times Square retail corridor also reached a new high with average ground floor asking rents climbing 11% over last year to $2,407 per square foot.