On the retail front, the area is seeing more demand from bothmajor US chains and international retailers. "Retailers are eagerif not anxious to get into this marketplace," Harbart says.
Among the new leases signed during the first quarter in theretail sector Harbart cites are French apparel-chain Anne Fontaine,on Madison Avenue; an Ann Taylor flagship on Fifth Avenue and twonew leases for Crate and Barrel's new CB2 concept.
While office leasing during the first quarter was down tofive-million sf from 5.9 million sf during the same year-agoperiod, companies are paying higher rents than ever. Average rentsin Manhattan climbed to a record $53.43 per-sf, while class-A rentsin Midtown hit an all-time best of $70.77 per-sf. Previous highswere set in the third quarter of 2000.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
