The average asking rent for retail space has declined by more than 30 percent since the beginning of the year on Madison Avenue between 57th and 72nd streets, according to a six-month marketing report released by CB Richard Ellis today. But Madison Avenue isn’t the only shopping haven feeling the burn — Fifth Avenue between 42nd and 49th streets saw its average rents drop by more than 20 percent in the last six months. Those drops, along with vacancies left by big name stores like Circuit City and Ann Taylor, reflect the overall malaise in the Manhattan commercial rental market, according to the report.
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Report shows feeble rents in top retail zones
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