Ian Ritteris national online editor forGlobeSt.RETAIL.
NEW YORK CITY-The average retail rents on the 34th Streetcorridor between Fifth and Seventh avenues in Manhattan shot up 83%in the last year to $299 per sf, according to the Real Estate Boardof New York's fall report. The increase pushes the corridor'sasking rents higher than SoHo, which averaged $179 per sf thisyear, but at $167 in 2003 were $3 above 34th Street's.
Overall the total retail square footage in Manhattan climbedfrom 14.8 million sf to 14.86 million sf. The number of retailstores in the area jumped to 2,407 from 2,278. Rents in the boroughshot up $5 during the year, to $97 per sf. Stores with less than1,000 sf had the highest asking rent, averaging $159 per sf,jumping 7% from last year.
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