NEW YORK, NY – May 12, 2014 – Strong consumer demand and a tourism boom in New York City led to rising retail rents along Manhattan’s most coveted shopping corridors this spring, according toThe Real Estate Board of New York’s (REBNY’s) Spring Retail Report. Fifth Avenue between 49th and 59th streets had the highest average ground floor asking rent among all primary shopping corridors citywide and set a new record at $3,550 per square foot, with rents increasing 16 percent compared to last year. The Times Square retail corridor also reached a new high with average ground floor asking rents climbing 11 percent over last year to $2,407 per square foot.
Other primary shopping corridors with significant ground floor asking rent increases this spring include:
Madison Avenue between 57th and 72nd streets where asking rents surged 24 percent to $1,643 per square foot after a period of store repositioning in that corridor.
Herald Square along West 34th Street, where rents increased 22 percent from last year to $883 per square foot.
Broadway in SoHo between Houston and Broome with average asking rents increasing 19 percent to $890 per square foot.