Madison Avenue and Lower Fifth Avenue are outpacing other prime submarkets in filling up available space during Manhattan's retail recovery.
The retail availability rate continued to plunge in the Madison Avenue submarket in the first quarter of 2024, dropping from 10.7% in Q4 2023 to a new record low of 5.9%, according to a new market report from JLL.
The scope of the resurgence on Madison Avenue can be seen in bold relief in a year-over-year comparison: in Q1 2023, the availability rate in the Madison submarket was 16%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
