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New York Chart of the Week: Midtown Gets A Retail Boost

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New York Chart of the Week: Midtown Gets A Retail Boost

Ranging from $860 to $3.5k per SF, asking rents from 42nd to 59th streets on Fifth Avenue are reaching record levels, leading to a 3.1% increase of available space on the high street corridor.

A the same time, tenant relocation in existing neighborhoods and large discount retailers are driving leasing activity for larger retail spaces.

But not all neighborhoods are getting a boost. According to JLL, the Meatpacking District—which had a strong year in 2014—had a massive dropoff in leasing activity this year due to high rents. Not even the increase in visitors to the High Line could incentivize retailers to make the trip uptown. 

Related Topics: JLL, Midtown, retail, Meatpacking District