2001 a strong year for New York City retail market.

New York's retail market tends to be quite resilient to fluctuations in the economy. Supply levels remain steady and there never seems to be a shortage of demand. Despite a dismal national retail picture, following a holiday season marked by deep discounts and the bankruptcy of several large chain stores, 2001 was a solid year for New York.

The tried and true areas of this city, such as Madison Avenue from 42nd Street to 57th Street, continue to attract renowned retailers from all over the world. Vacancies, even large spaces like those left by Lechter's and Cosmetics Plus, are being filled in a timely manner. The office community is still stable, providing retailers with a strong customer base. Landlords are recognizing the strength of this market segment and reacting with flexibility to bring solid retailers to their buildings. And though fringe neighborhoods may be softening somewhat, those with access to transportation and quality tenants continue to thrive.

Though analysts are predicting economic sluggishness for the foreseeable future, New York's retail market is healthy and will likely remain so. With leases being signed already for fall 2002 and spring 2003, the next 18 months promise continued vitality.