Trending
Commercial market report: Madison Avenue retail empties out
Spaces on the stretch are clearing out as rents get too high and tenants look for cheaper options
From the May issue: The total amount of available ground-floor Retail Space Along Madison Avenue has been growing in recent months, insiders said.
“There are a lot of vacancies on Madison Avenue, where normally there would not be,” said Colliers International broker Patrick Breslin, who is representing tenants looking at space on the high-end stretch.
An analysis by The Real Deal backed up that assessment. It found that 17 percent of the ground-floor retail space on the prime stretch of Madison Avenue from 56th to 89th streets is listed or being quietly marketed, making it one of the softest retail markets in the city.[more]