Bargain basements dry up as rents continue to soar.Retail rents on major corridors increased by as much as 32% compared to last year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. The Real Estate Board of New York's (REBNY REBNY Real Estate Board of New York ) Fall Retail Report. The Third Avenue corridor between 60th and 72ndstreets led the way with asking rents for ground floor space surging by 32% to $248 per-square-foot compared to last year. Retail rents for major Downtown corridors such as Broadway between Houston and Broome streets in SoHo jumped 27% to $228 per square foot. On Hudson Street Hudson Street can refer to:
In Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North , retail rents for the Broadway corridor between Battery Park and Chambers Street Chambers Street is a street in Edinburgh, Scotland, at south of the Old Town. The street is named after William Chambers of Glenormiston, the Lord Provost of Edinburgh who was the main proponent of the 1867 Edinburgh Improvement Act, which gave permission for the street's jumped 12% to $125 per square foot. REBNY's report surveys asking rents for available retail space and encompasses the period from March 2005 through September 2005. "Retail rents are a good indicator of the health of our city's economy. When demand for retail space translates to rising asking rents, we know that retailers want to be in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The current report shows that in the last six months, there has been continued demand for retail shops in SoHo, the Meatpacking meatpacking or meat-processing, wholesale business of buying and slaughtering animals and then processing and distributing their carcasses to retailers. The livestock industry is among the largest in the world. District and the 125th Street corridor, which are all tourist destinations A tourist destination is a city, town or other area the economy of which is dependent to a significant extent on the revenues accruing from tourism. It may contain one or more tourist attractions or visitor attractions and possibly some "tourist traps". ," said Steven Spinola, REBNY President. "In addition, in the last five years since we have been compiling this report, more than 50 retailers have established a flagship store in Manhattan, including Whole Foods, The Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , American Eagle Outfitters and many others, leasing almost a half million square feet of space, and clearly demonstrating the bounce-back the retail market has made since 9/11," he added. The city's best known retail corridor, Fifth Avenue between 49th and 59th streets, had retail rents that were up 15% to $817 per-square-foot compared to last year. While the 125th Street corridor retail rents increased 13%. Overall, for ground floor space in selected retail corridors, average asking rents increased 22% to $296, while median asking rents per-square-foot increased 14% to $200. Average asking rent for all retail space in Manhattan (ground floor and other) rose 5% to $102 per square foot. Robin Abrams, executive vice president of The Lansco Corporation and co-chair of REBNY's retail committee commented on the retail market noting, "We continue to see a strong demand among banks for prime corner locations throughout Manhattan, which has drastically driven up rents for these intersections. "However, we've also seen that as the comers get snatched up, the boost in asking rents is not spilling over to adjacent mid-block stores." The report also recorded the following findings: Market area asking rents, which surveys all available space (ground floor and other) continued to show improvement: * The East Side climbed 26% to an average asking rent of $186 for all space. * Downtown average asking rent rose 16% to $85 per-square-foot for all space. * Average asking rents in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town South increased 5% to $82 per-square-foot for all space. * On the East Side stores with less than 1,000 square feet saw a 31% increase in average asking rent to $205 per square foot. * Stores Downtown (South of 14th St) with less than 1,000 square feet saw their average asking rents rise to $151 per square feet for all space, an increase of 27%. |
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