Madison Avenue and Lower Fifth Avenue are outpacing other prime submarkets in filling up available space during Manhattan's retail recovery.
The retail availability rate continued to plunge in the Madison Avenue submarket in the first quarter of 2024, dropping from 10.7% in Q4 2023 to a new record low of 5.9%, according to a new market report from JLL.
The scope of the resurgence on Madison Avenue can be seen in bold relief in a year-over-year comparison: in Q1 2023, the availability rate in the Madison submarket was 16%.
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