NEW YORK CITY-Cushman & Wakefield says that property owners in Times Square have hiked asking rents to that of Upper Fifth Avenue in Manhattan.
Landlords in Times Square are now asking on average $2,283 per sf in the Bowtie section where Broadway crosses Seventh Ave., according to a report in the Real Deal. The hike calculates to a 117% increase from last year when the same space when the asking rent was $1,052 per sf.
“Times Square rents have surged,” Joanne Podell, company executive vice president, said. “Retailers recognize that along with tremendous density (and) good co-tenants, the extended store hours have a significant positive effect on sales.”
Asking rent for space on Upper Fifth Avenue between 49th and 57th streets declined 4.4% last year and now goes for $2,283 per sf. See story in The Real Deal.
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