Upper Fifth Ave. is the Top Retail Corridor — in the World
Upper Fifth Ave. has the highest retail rents of all the main streets studied in a new report from Cushman & Wakefield: “Main Streets Across the World.”
“Brands who call Manhattan home set the pace for retail globally. We know that international luxury brands will continue to look to high streets to support their plans for expansion,” said David Gorelick, Executive Managing Director and Head of Retail for the Americas at Cushman & Wakefield
Rents continue to grow on Upper Fifth Ave., from 49th St. to 60th St., unlike in several other New York retail corridors. In June, the asking rent was $3,000 USD per sq.ft, unchanged from 2016, albeit nearly 20% up over five years and back to its pre-GFC level.
In other corridors like SoHo, Times Square and Meatpacking, asking rents fell and availabilities rose at the mid-year point.
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