Madison Avenue vacancies rise, create room for newcomers

March 05, 2009 01:39PM

As the economy declines and long-term leases signed in the 1990s
expire, luxury retailers are leaving Madison Avenue for less expensive
locations. The vacancy rate has risen to about 13 percent from its
usual 6 or 8 percent. Rents are likely to decline as a result, said
Gene Spiegelman, executive director of retail services at Cushman &
Wakefield, and new designers may take the opportunity to make names
for Themselves On Madison Avenue.

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