Retail space in Manhattan rises

Oct. 22, 2004 at 11:38 AM
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NEW YORK, Oct. 22 (UPI) -- The Real Estate Board of New York said Friday asking rents for retail space in Manhattan rose 5 percent in the past six months.

In its fall report, the board noted certain key retail zones in New York saw increases as high as 82 percent. It said average asking rents were $97 a square foot between April 1 and Sept. 30, which is up 5 percent from the same period in 2003.

But, the report also showed certain areas of the city, which have recently undergone reconstruction, saw rents spike. The hottest spot was the 34th Street corridor between 5th and 7th Avenues, which saw asking rents jump 82 percent to $299 a foot from the same period a year ago.

Also, West 42nd Street, between 6th and 8th Avenues, saw asking rents climb 54 percent to $243 a foot.

Even 125th Street, which is part of the corridor north of 96th Street that has been traditionally weak, saw asking rents rise 28 percent to $77 a foot.

Overall, there was 14.85 million feet of available retail space, which is comparable to the 14.8 million feet that was available a year ago.

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