The Real Deal New York

From the March issue: If its rents are any indication, Manhattan’s Fifth Avenue is the most desirable place to sell suits, silver jewelry and iPhones. Its $1,350-per-square-foot rates are the city’s highest, according to a fall report from Colliers International. But the outer boroughs have their own top shopping addresses too, where competition for space, though nowhere near as intense as in Manhattan, is also pushing prices skyward. Brokers said that despite fears of a recession, the number of major commercial corridors is greatly increasing, and retail rents are quickly rising. “Our market is very much insulated, and I’m not expecting much of a downturn at all,” said Tim King, senior partner at Massey Knakal. “The vacancy rate is practically zilch, and recent new leases are setting new records.”