DID YOU KNOW? Manhattan RETAIL rents are showing signs of a recovery driven by the food and beverage industry, activewear, cosmetics and technology.
- Downtown had the largest upswing. Lower Broadway rents jumped 19% since the fall, to $401/sf per square foot.
- Herald Square/area along West 34th Street, were up 7%, to $613/sf
- Times Square area rose 4% to $1,936/sf, ranging $1,500 - $2,350/sf.
- Billionaires’ Row on East 57th Street between 5th and Park avenues, 5th Ave. in the Flatiron District (14th - 23rd streets), and 5th Avenue’s luxury stretch (49th - 59th streets $2,000-4,000/sf) are up 2%.
- 5th Avenue from 49th-59th Street is still down 22% since a year ago.
- Madison Ave. from 57th - 72nd streets, rents fell another 10%, to $1,039/sf, down 25% since last spring. (REBNY)