City's retail rents on the rise, says REBNY.Retail rents continued to surge in the last six months as Westside corridors such as 34th Street and West 42nd Street experienced substantial increases, 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 report found that the average asking rents for ground floor space on 34th Street between 5th Avenue and 7th Avenue jumped to $299 per square foot, up 82% since the same time last year. West 42nd Street between 6th Avenue and 8th Avenue surged 54% to $243 per square foot. The surge in prices reached Manhattan's northernmost retail corridor with asking rents jumping 28% to $77 per square foot on 125th Street. "In the last six months retail rents have continued to soar SOAR - 1. State, Operator And Result. A general problem-solving production system architecture, intended as a model of human intelligence. Developed by A. Newell in the early 1980s. SOAR was originally implemented in Lisp and OPS5 and is currently implemented in Common Lisp. in numerous areas of Manhattan," said Steven Spinola, REBNY President. "Having surpassed sagging sag v. sagged, sag·ging, sags v.intr. 1. To sink, droop, or settle from pressure or weight. 2. rents post- post- word element [L.], after; behind. post- pref. 1. After; later: postpartum. 2. Behind; posterior to: postaxial. 9/11, the market has not only rebounded, but new areas have emerged as attractive locations for national and local retailers. 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, for example, is hotter than ever, with an influx of new stores such as Scoop, Diane von Furstenberg, and the Puma flagship store." The report also recorded the following findings: * The asking rent 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 (34th Street between 5th Avenue and 7th Avenue and Fifth Avenue from 14th Street to 23rd Street) was up 21% to a median of $186 per square foot. The average asking rent rose 19% to $187 per square foot for ground floor space only. * Average asking rents for ground floor space on the East Side in the spotlighted corridors (3rd Avenue between 60th and 72nd Street and Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. between 57th and 67th Streets) rose 24% to $453 per square foot. The median asking rent there increased 17% to $321 per square foot. Market area asking rents, a survey of all available retail space (ground floor and other) also experienced gains: * Westside average asking rent climbed 27% to $136 per square foot for all space. * Midtown South saw an 11% increase in average asking rents for all space to $78 per square foot. * Increasing 4% were the East Side, Midtown and Downtown areas to $148, $129 and $73 respectively for all space. Overall Manhattan average asking rent for all space rose 5% to $97 per square foot. * Stores with less than 1,000 square feet continue to lead with an average asking rent of $159 per square foot, an increase of 7%. |
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