NEW YORK CITY-Rents along a 10-block stretch on Fifth Avenue have shot up 22% this year, ranking the district the second most expensive retail district next to Hong Kong.
According to a report by CBRE, average retail rents during the second quarter along Fifth Avenue between 49th and 59th streets reached $3,050 per square foot annually. Hong Kong boasted a second quarter average retail rent of $4,328 per square foot a year.
“Global retailers continue to desire premier retail locations in gateway cities because of the global shoppers those corridors attract and the value delivered for brand visibility,” states Anthony Buono, executive managing director of CBRE's Americas retail services.
Despite the high ticket price, there is significant retail demand to lock in space on Fifth Avenue. “That Fifth Avenue corridor is the crème de la crème of anyone in fashion,” says James Famularo, vice president of New York Commercial Retail Service.“If you're a big name and you want to be a big name, and you don't have a presence on that strip, you're not going to be in the business for very long.” See story at amny.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.