Retail rents plummet across New York City, as glitzy shopping districts turn into ghost towns
and a Timberland. Those kinds of brands are the ones taking space. That's all you need to know about the direction of Fifth Avenue."
During the second quarter ended June 30, average asking rents along 16 major retail corridors in Manhattan declined for the eleventh consecutive quarter, falling to $688 per square foot, according to a report from the commercial real estate services firm CBRE. The drop marked the first time since 2011 that prices dropped below $700, the firm said, representing an 11.3% decline from a year ago.
The Upper Madison Avenue corridor from 57th Street to 72nd Street, which holds a number of luxury retailers including Balenciaga, Celine and Hermes, saw rents drop 15.3% from a year ago to $882 per square foot. All told, the number of ground-floor leases available in Manhattan's 16 retail corridors tracked by CBRE hit a record of 235, surpassing a previous high of 230 set back in 2013, the real estate group said.
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