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