Strong demand for Manhattan’s retail space

Retail Space On Fifth Avenue in Manhattan continues to be in strong demand for retailers worldwide, according to a summer 2010 report by CB Richard Ellis. Average rents on Fifth Avenue for 2010
were $1,650 per square foot, compared to $1,553 in 2009, a 6.6 percent
year-over-year increase, the report said. Some notable transactions for
the first quarter of 2010
were Uniqlo’s three-level, 90,000-square-foot lease at 666 Fifth Avenue
for $18.5 million, and the sale of the 20-story, 97,500-square-foot Takashimaya building
at 693 Fifth Avenue for over $140 million. The most prominent urban
retail corridors in America, known for their luxury tenants and high
rents, saw resurgent demand this past year, remaining unmatched in
terms of visibility and sales volume, the report said. “Although
recovery is not yet complete, our findings show an increase in demand
and activity in the top retail locations in the Americas,” said Anthony
Buono, executive managing director of CBRE’s Retail Services. TRD