Steven Spinola, president of REBNY, and Mary Ann Tighe, REBNY chairperson
Average asking rents are continuing to climb in some major Manhattan retail corridors due to high demand and a limited availability of space, according to the Real Estate Board of New York’s fall Manhattan retail market report, which was released today. Overall in Manhattan, however, asking rents were down 4 percent from the spring and 2 percent year-over-year due to prime spaces already being occupied by tenants.
One of the areas that stands out is lower Fifth Avenue, between 42nd and 49th streets. In fall 2012, average asking rents ticked in at $1,021, up 13 percent from the spring 2012 figure of $900 and a cool 51 percent increase from the same period last year when the average came in at $675. [more]