Rents up $3 per SF with Manhattan retail spaces. (Transcripts).Average asking rents for retail space in Manhattan have risen to $88 from $85 per SF in the past six months 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 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 (REBNY REBNY Real Estate Board of New York ). During the same period, available square footage has decreased marginally by 0.5%. This information is contained in the latest edition of REBNY's retail report, a semi-annual, comprehensive collection of retail market data from a broad cross-section of the city's top real estate firms. "The report shows a snapshot of a market that seems to offer opportunity for retailers looking to establish or expand their presence in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said Steven Spinola, president of REBNY. "There is premium space available on some of the most sought after retail venues in the world. Retailers should take note that while space is available, asking rents are relatively stable, and in some cases edging slightly higher." A break-down of the data by market shows that asking rents for ground floor space in high-end retail corridors, such as Fifth Avenue between 48th and 59th streets 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 dramatically - 22 and 38%, respectively. Overall, the average asking rent for ground floor space along the primary retail streets increased 4.9%. Meanwhile, average asking rents for all retail space 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 declined 1.4%. Major retail corridors Downtown also fell. For instance Hudson Street Hudson Street can refer to:
While the report indicated vibrant tenant activity, it also showed that landlords have had an increased willingness to negotiate lease terms to help close the deal while holding average asking rents nearly constant. For example, many landlords have been willing to offer generous tenant work packages or less frequent base year rent increases for credit worthy tenants who are prepared to sign a lease. REBNY advisory group member Robin Abrams, vice president at LANSCO, suggests favorable lease terms offered by landlords should be encouraging to tenants. "We have found that a lot of potential tenants have been hesitant to pull the, trigger over the past few months due to uncertainty in the economy, the war in Iraq and tax increases in New York, among other factors. But, after some coaxing on the part of landlords, tenants can find a lot of opportunity out there right now." |
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