Six of 11 prime retail corridors in Manhattan enjoyed substantial rent increases during the third quarter, according to a report released yesterday by CBRE Group Inc. Herald Square witnessed the largest quarter-to-quarter increase at 30 percent, with Downtown Manhattan following closely behind at 28 percent. Perennial retail heavyweights Fifth Avenue and Times Square (both up 23 percent) also surged.
Retail specialists are keeping a close eye on the stretch of Fifth Avenue between 42nd and 49th Streets. International apparel giant H&M signed for a 57,000-square-foot store–its largest in the world–at 589 Fifth Avenue, in one of the quarter’s biggest transactions. (The Swedish company also leased 42,500 square feet at 4 Times Square.) “Fifth Avenue has been and will continue to be a major draw for tourists,” said Jedd Nero, the executive vice president of CBRE Retail Services. Read More