NEW YORK CITY-While Lower Manhattan continues to struggle in this post-Sept. 11 environment, the rest of Manhattan appears to have bounced back nicely in terms of retail leasing, according to the latest Fall Retail Report from Real Estate Board of New York. Popular pedestrian areas–such as Times Square, Lincoln Center, and Herald Square–proved most successful in securing new tenants in the past six months.

REBNY, which studied 2,183 stores, shows rents up in the six month period ended Sept. 30, 2002 in every market except Lower Manhattan. The report attributes Downtown’s ailing leasing activity to the continued after-effects of 2001′s terrorist attacks. In addition, retail outlets on side streets and in secondary districts of the city also are experiencing the on-going effects of the recession, REBNY states.

Steven Spinola, president of REBNY, notes that while strong retail rents are elevating building prices in core NYC areas, “vacancies are on the rise in secondary districts.” Spinola says this is “another sign that any significant realty tax hike could also dim hopes for a near-term recovery in most of the city’s shopping districts.”

The study, which examined 14.6 million square feet reported from 17 different brokerage firms, also attests that the highest price range for asking rents is on Fifth Ave. between 48th and 59th Streets–where figures were ranged from $333 to $1,113 per sf.

The lowest asking rents, $35 to $100 per sf, were found on Hudson St. between Chambers and Canal Streets. While still low, this area–set only steps from Ground Zero–has shown significant improvement over last year, REBNY says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.