Garment District now attracting retail tenants
Fabric of neighborhood changing as rents per square foot double to between $200 and $350
Finding a good cup of coffee between the linens and tweeds of the Garment District is growing easier.
Retailers are increasingly opening up shops in the area, from coffee houses to chocolate stores to fancy restaurants. The same is true for new tenants who are looking for office space in the district.
Urban Outfitters also recently opened up a store there. According to the Wall Street Journal, the trend will likely continue as store fronts become available. As a result, landlords are investing to renovate their retail spaces.
The transformation of the neighborhood — which from north to south is bordered by 35th and 41st streets and from east to west is lined by Fifth and Ninth avenues — is also shaped by technology, advertising and media companies moving into the area.
Two years ago average asking rents for ground retail space ranged from $125 to $150. Now, the range is between $200 and $350. [WSJ] — Claire Moses