"The Manhattan retail market has operated in a vacuum," saidJoseph Harbert, COO of the New York Metro Region for the firm."Regardless of what's going on with the macro economy, our retailmarket is strong, and we're seeing record-setting deals."
At year-end, Manhattan retail rental rates escalated to newheights in all submarkets. Retail rents for prime spaces, whichposses both location and branding, set records, and Harbert notedthe trend is expected to continue.
"We've seen particular markets – including Times Square, 34thStreet, Fifth Avenue and Soho – that are rapidly escalating interms of rents," said Harbert. "Each new deal sets a newbenchmark."
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