Manhattan Retail Corridors Average Asking Rents Rise, Says REBNY Report
Retail rents are on the rise in a number of Manhattan, N.Y., neighborhoods. Tenant rents for ground-floor retail space in Manhattan’s retail corridors increased between 2 and 71 percent since fall 2009, according to the Spring 2010 Retail Report released by the Real Estate Board of New York (REBNY).
In midtown Manhattan, average asking rents increased 71 percent to $1,400 per square foot (psf) and in the West Village, rents increased 30 percent to $456 psf.
REBNY says these rent increases reflect signs of a national recovery. In March, the most recent data available, retail sales were up 7.6 percent over last year and 1.6 percent month on month. April’s consumer confidence index was at its highest since September 2008, and on the job front, New York City retail employment in March was up 1.4 percent year on year.
“Asking rents are on the rise throughout Manhattan and the overall picture—nationally and locally—is encouraging,” commented REBNY president Steven Spinola. “Maintaining this pace will depend on sustaining this momentum and the prudent actions of government at all levels not to dampen this economic resurgence.”