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NEW YORK CITY-Retailers in general have a sunnier outlook these days, with forecasts for the holiday season brighter than they were a year ago. But in high-traffic, tourist-friendly Manhattan corridors such as Times Square and Fifth Avenue, it’s not only storekeepers who are upbeat—so are their landlords, who have seen fit to increase rents. In the case of Times Square store space, asking rents are up 107% from a year ago to an average $1,700 per square foot for ground floor locations, according to the Real Estate Board of New York’s biannual retail report, released Monday.

“Asking rents that are lower than they were during the high point in our economy a few years ago are giving retailers the opportunity to locate in corridors that they wouldn’t otherwise be able to break into and many seem to be taking advantage of this,” REBNY president Steven Spinola says in a release. “As a result of these opportunities in premiere retail areas, the retail space market has become competitive again and average rents are rising. This is the trend that we hope will eventually spread into other city neighborhoods.”

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