On the street where you shop: Soho rises from the ashes.

Earlier this month, I decided to spend a leisurely afternoon in Soho. Being a retail broker, when I visit a neighborhood I take everything in--the stores that have recently opened, the ones with "coming soon" banners across the front, the ones that are teeming with customers.

However, if you've been to Soho on the weekend lately, you don't need the eyes of a real estate broker to see just how bustling the area is. The non-stop foot traffic is incredible!

Soho is undoubtedly out of the downturn and the momentum of recent lease signings there is evidence of its triumphant return. In the luxury bazaar of Soho, rents have gained their equilibrium. There are often half a dozen offers for every available space and new shops are opening practically every week. My leasing partner, Faith Hope Consolo and I have been fortunate to be a part of that change, helping to bring several new names to Soho recently.

Leading Soho's revitalization is Bloomingdale's. The department store opened at 504 Broadway last month and its new six-level emporium is already becoming a retail destination to be reckoned with. Another recent example is ladies apparel designer Tahari, which recently signed a lease for a store on West Broadway and is slated to open this fall.

Beauty and skin care retailer Clarins is also coming to Soho, leasing the space on Spring Street that formerly belonged to L'Occitane. L'Occitane will remain in the neighborhood, opening a flagship L'Occitane en Provence--the first-ever in the U.S.--on Prince and Mercer. The 5,800 s/f, three-level lifestyle concept store will feature gourmet tapas-style food from La Table and L'Occitane's luxurious beauty products, all under one roof.

Adidas has also committed to a corner store on Broadway and Houston for its New York flagship. Construction is now underway for the 40,000 s/f shop, which will boast a large billboard and an impressive 200 feet of street frontage.

Also new to Soho--and the United States--is the obscure, yet ultra hip retailer A Bathing Ape, which has committed to over 3,000 s/f at 91 Greene St. for its flagship. The street wear retailer, also known as BAPE, will include a card inside its soon-to-open store.

Room & Board, a home furnishings retailer, has leased 30,000 s/f on Wooster Street, and Los Angeles-based ladies apparel retailer LF Store is opening a store this Spring.

Luxury goods retailer and silversmith Georg Jensen has chosen Soho as the spot for its second New York City Store, which will open soon on Greene Street. Recent additions to Soho, both on Prince Street, include Kid Robot and Brite Smile.

Last year Apple, whose store on Spring Street has met with tremendous success because of its appeal to the area's many residents and shoppers, opened. Costume National has also shown a vote of confidence for the area, renewing its Greene Street lease, and Max Studio just signed for a relocation store directly across it on West Broadway.

So why is Soho at the center of all of this activity?

Just a few years ago, a spill-over of demand in the area caused a push-back effect, whereby tenants moved from Soho to Noho and from Noho to NoLita. This trend has now reversed and retailers are discovering affordable rents on Soho's side streets.

Soho, once known solely for its amazing restaurants and galleries, has also seen plenty of new construction in recent years. For example, the neighborhood never had a hotel, but then the Soho Grand Hotel, The Mercer Hotel and 60 Thompson entered the picture and it has become a tourist destination.

Tony Goldman is developing a mixed-use projects residential and retail on Greene Strett and Jane Gladstein, another developer, just finished the same on Houston and Mercer. All of the project's residential units were sold for $1000 per s/f.

Major clothing and accessories designers were never a Soho mainstay either, but following Louis Vuitton's arrival on Greene Street, uptown discovered downtown and retailers such as Burberry, Chanel, Prada and Salvatore Ferragamo followed suit, giving us Soho as we know it today. In fact, while the nature of the retailer's businesses has changed over the years, the demand has only increased. Marquis retailers such as Emporio Armani, Agnes b., Anna Sui and Via Spiga have made Soho the place to be when it comes to attracting shoppers.

While Spring Street has become a popular choice for retailers taking the leap into Soho, Wooster Street in particular is fast transforming into one of the most exciting shopping streets to explore, with new stores and galleries opening almost every day. Marithe & Francois Girbaud, Pogessi, Barneys Coop, Steven Alan, Kenzo, The Rug Company and Val Cucina have all emerged in this hot spot within the last couple of years and Atmosphere Home opened last summer. Art galleries and off-Broadway theaters complete the mix, proving there is truly something for everyone, from shop-aholic to art enthusiast. The area's heavy foot traffic supports this notion and retailers are quickly realizing the benefits of presence on less pricey, yet utterly attractive Wooster.

Another factor that has helped is the large number of residential conversions that have taken place over the years. Former class B and C buildings featuring very large windows and high ceilings are now trendy loft residences, creating an increased demand for retail shopping.

For retailers seeking out a prime Soho retail space, the time to act is now. A leasing market that is already starting to heat up will only get hotter and eventually, unattainable for many. At the end of the day, Soho has become what it was intended to be: a wonderful and fun place to stroll and shop.