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It's not how low you can go, it's how high—at least with rent for retail spaces in New York. Today, Crain's New York reported that rents in the city's major shopping districts have significantly increased from last year. And on Fifth Avenue, that means the highest rents we've ever seen, with spaces going for more than $3,100 a square foot.
While other neighborhoods don't come close to that figure, their numbers are nothing to blink at: Prices in the Times Square area are at $2,175 a foot, while Madison Avenue between 52nd and 72nd streets hit $1,380. "There have been a lot of retail properties trading at high dollars, and this is fueling the higher asking rents," according to Lansco Corp. executive vice president Robin Abrams. "Those rents are setting the tone for other available space."
But don't expect to find a cheap space if you head downtown—with projects like Brookfield Place and the South Street Seaport mall, those rents will be hiked up as well, said Abrams.
· City's Retail Rents Expected to Remain in Stratosphere [Crain's New York]
· Retail Rents Are Up in Manhattan, (Almost) Across the Board [Racked NY]
· A New Store Opened Every Five Days Last Year, and More Facts [Racked NY]