spring 2007 - real estate board of new york€¦ · spring 2007 3 zthe average asking rent per...

Spring 2007

Stephen M. Ross,Chairperson

Steven Spinola,President

570 Lexington Avenue / New York, NY 10022 / 212.532.3100www.rebny.com

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Executive SummaryExecutive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

Market ProfileMarket ProfileManhattan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4East Side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5West Side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Midtown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Midtown South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8Downtown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Upper Manhattan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

SSpotlight on Selected Major Retpotlight on Selected Major Retail Corridorsail CorridorsSummary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Selected Market DatSelected Market Dataa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Market Market Area DefinitionsArea Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

AcknowledgementAcknowledgementss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

TTable of Contable of Contentsents

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The average asking rent per square foot (psf) for allManhattan retail space was $107, nearly unchangedfrom last year.

The East Side reported the highest average asking rentpsf of $155. Midtown was next with $133 psf.

Upper Manhattan posted the largest average asking rentpsf increase when compared to last year at 18%, fol-lowed by Downtown at 9%.

Average asking ground floor rent psf in eleven of thefourteen major corridors surveyed showed a percentageincrease, ranging from 7% to 120% when compared tolast year.

Madison Avenue (57th to 72nd St) recorded the highestaverage ground floor price of $1,158, followed by FifthAvenue (49th to 59th St.) at $844. These representedincreases of 28% and 10%, respectively.

Broadway (42nd to 47th St) had the highest percentageincrease for ground floor asking rent psf of 120%. Thenext highest were Tribeca's Hudson St (Chambers toCanal St) at 73%, and 34th St (5th to 7th Ave) at 58%.

ExExecutivecutive Summare Summaryy

Average AskingRents by

Store Size

Available Space by Store Size

(thousands)

Total Number of Stores

by Store Size

SummaryAll AvailableSquare Feet*

*Ground Floor, Lower Level, Upper Level, Mezzanine

4

ManhattManhattanan

3/31/073/31/07 3/31/063/31/06

AAverage verage AskingAskingRent PSFRent PSF $107 $108

Number of SNumber of Storestores 2,609 2,591

TTototal Square Feetal Square Feet 13,303,140 14,491,180

$143

$106

$89

$106

$89

$153

$111

$98

$98

$89

$0 $50 $100 $150 $200

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

319

1,447

2,306

2,876

6,356

218

1,301

2,714

3,354

6,904

0 2,000 4,000 6,000 8,000

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

492

818

625

398

276

465

319

336

734

737

0 200 400 600 800 1000

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

SPRING 2 0 0 7


Store Size


(thousands)


by Store Size


5*Ground Floor, Lower Level, Upper Level, Mezzanine

$177

$134

$133

$236

$147

$182

$206

$151

$158

$164

$0 $50 $100 $150 $200 $250

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

42

157

184

115

110

21

136

228

137

436

0 100 200 300 400 500

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

71

89

49

18

8

35

80

63

20

19

0 30 60 90

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

3/31/073/31/07 3/31/063/31/06


Number of SNumber of Storestores 235 217

TTototal Square Feetal Square Feet 608,135 958,263

EasEast Side t Side

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Store Size


(thousands)


by Store Size



$155

$110

$133

$134

$103

$135

$127

$116

$112

$120

$0 $30 $60 $90 $120 $150 $180

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

21

102

159

129

382

19

70

116

141

473

0 100 200 300 400 500 600

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

34

51

46

19

16

27

38

33

19

18

0 10 20 30 40 50 60

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

3/31/073/31/07 3/31/063/31/06



TTototal Square Feetal Square Feet 792,883 818,940

WWesestside tside

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Store Size


(thousands)


by Store Size



$146

$136

$109

$152

$124

$171

$138

$132

$135

$117

$0 $50 $100 $150 $200

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

71

331

480

697

1,763

53

331

640

931

1,712

0 500 1,000 1,500 2,000

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

98

194

130

97

79

80

189

170

127

75

0 50 100 150 200

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

3/31/073/31/07 3/31/063/31/06




MidtMidtoownwn

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Store Size


(thousands)


by Store Size



$143

$90

$80

$90

$69

$161

$96

$73

$82

$57

$0 $50 $100 $150 $200

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

23

164

397

715

997

19

163

420

651

841

0 400 800 1,200

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

37

89

106

96

50

28

87

112

91

51

0 50 100

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

3/31/073/31/07 3/31/063/31/06




MidtMidtoown Soutwn Southh

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Store Size


(thousands)


by Store Size



$149

$98

$74

$80

$81

$160

$78

$80

$80

$79

$0 $50 $100 $150 $200

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

117

546

898

979

1,779

83

507

1,109

1,263

2,750

0 1,000 2,000 3,000

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

188

306

242

135

84

135

285

304

174

125

0 50 100 150 200 250 300 350

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

3/31/073/31/07 3/31/063/31/06


Number of SNumber of Storestores 955 1,023


DoDowntwntoown wn

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Store Size


(thousands)


by Store Size



$79

$53

$52

$44

$42

$55

$47

$52

$40

$41

$0 $30 $60 $90

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

45

146

189

240

1,325

23

94

202

230

692

0 200 400 600 800 1,000 1,200 1,400 1,600

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

64

89

52

33

39

31

55

55

34

31

0 20 40 60 80 100

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

>10,000 Sq. Ft.

3/07 3/06

3/31/073/31/07 3/31/063/31/06




UUpper Manhattpper Manhattanan

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11

242100

110

120

130

0 100 200 300 400

1 - 1,000 Sq. Ft.

1,001 - 2,500 Sq. Ft.

2,501 - 5,000 Sq. Ft.

5,001 - 10,000 Sq. Ft.

MedianMedian AAverageverage RangeRange3/073/07 3/063/06 3/073/07 3/063/06 3/073/07 3/063/06

EASTSIDEEASTSIDEThird Ave: 60th - 72nd St. $220 $250 $218 $243 $175 - $300 $114 - $350

Madison Ave.: 57th - 72nd St. $1,098 $905 $1,158 $902 $1,000 - $1,667 $555 - $1,250

WESTSIDEWESTSIDEBroadway: 72nd - 86th St. $327 $254 $313 $273 $168 - $400 $185 - $400

MIDTMIDTOWNOWNFifth Ave.: 49th - 59th St. $750 $750 $932 $844 $600 - $1,500 $488 - $1,200

57th St.: 5th - Park Ave. $675 $834 $675 $834 $675 - $675 $675 - $993

Times SquareBroadway: 42nd St. - 47th St. $1,000 $350 $840 $381 $551 - $1,000 $233 - $600

7th Ave.: 42nd - 47th St. $525 $477 $461 $473 $200 - $593 $400 - $525

42nd St.: 6th - 8th Ave. $325 $281 $321 $290 $233 - $400 $200 - $400

MIDTMIDTOWN SOUTHOWN SOUTH34th St.: 5th - 7th Ave. $477 $366 $496 $313 $225 - $845 $120 - $400

FlatironFifth Ave.: 14th - 23rd St. $274 $245 $267 $235 $214 - $300 $108 - $307

DOWNTDOWNTOWNOWNBroadway: Battery Park-Chambers St. $200 $178 $177 $166 $100 - $226 $67 - $250

SoHoBroadway: Houston - Broome St. $347 $300 $321 $293 $213 - $375 $240 - $333

TriBeCaHudson St.: Chamber St. - Canal St. $95 $55 $137 $79 $71 - $404 $20 - $150

UPPER MANHAUPPER MANHATTTTANAN125th St. (River to River) $84 $85 $103 $94 $35 - $260 $35 - $177

ASKINASKING RENTG RENT: SELECTED MAJOR RET: SELECTED MAJOR RETAIL CAIL CORRIDORSORRIDORSAAvvailable Grailable Ground Floor Space Onlound Floor Space Onlyy

Spring 2 0 0 7

New York CityRetail Employment

12

250

260

270

280

290

300

310

1/02 11/02 9/03 7/04 5/05 3/06 1/07

0.30.8 1.1 1.2

3.5 3.8

2.0

5.0

7.1

4.7

3.0

4.6

5.5

0.71.51.4

2.2 2.02.1

3.9

5.9

0.0

2.0

4.0

6.0

8.0

2004 2005 2006 2007 2008 2009 2010

Employment Consumer Price Index Personal Income

-4%

-2%

0%

2%

4%

6%

8%

10%

1/02 11/02 9/03 7/04 5/05 3/06 1/07

Forecast ofNew York City

EconomicIndicators

(percent changefrom previous year)

U.S. MonthlyRetail Sales

(12 month percentchange)

Manhattan RetailSquare Feet

by Area(millions of square feet)

East Side9.6

West Side4.4

Midtown28.8

Midtown South35.4

Downtown21.2

N. Manhattan10.3

26.2%

32.2%

19.3%

9.4% 4.0%8.8%

SELECTED MARKET DATASELECTED MARKET DATA

Source: New York CityDepartment of Finance/REBNY

Source: NYS Department of Labor

Source: U.S. Census Bureau

Source: NYC Office ofManagement & Budget

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MARKET AREA DEFINITIONSMARKET AREA DEFINITIONS

East SideEast Side60th Street to 96th Street, Fifth Avenue to the East River

WWest Sideest Side60th Street to 116th Street, West of Morningside Park

DowntownDowntownSouth 0f 14th Street

MidMidtowntown35th Street to 59th Street

MidMidtown Southtown South15th Street to 34th Street

Upper ManhattUpper Manhattanan97th Street and higher, Fifth Avenue to the East River; 116th Street and higher, West of Morningside Park

Revised September 30, 2004

The Retail Report provides objective, comprehensiveinformation about available space, asking rents and

market trends in Manhattan.

Issued twice a year—Spring and Fall—the report is a project of the REBNY Stores Committee.

The report presents retail space information by geo-graphical area and focuses on the asking rent of theground floor space on the major retail streets.

Robin Abrams, The Lansco Corporation

Benjamin Fox, Winick Realty Group

David Green, Cushman & Wakefield

Fred Posniak, W&M Properties of New York, LLC

Alan Victor, The Lansco Corporation

Chase Welles, Northwest Atlantic Realty Services, LLC

SPRING 2 0 0 7

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acknowledgementsacknowledgements

The REBNY Retail Report Advisory Group includes:

spring 2007 - real estate board of new york€¦ · spring 2007 3 zthe average asking rent per...

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