While at the end of 2017, the Upper Fifth Avenue retail corridor (between 49th and 60th streets) saw an increase in the number of retail units available for lease and a decline in the average asking rents, there has been an uptick in activity in recent months.
According to Patrick A. Smith, Vice Chairman of Retail Brokerage at JLL in New York City, this bodes well for retailers who haven’t been able to establish a presence on the coveted high street- either because of pricing or simply due to the lack of space availability. He noted that there are more opportunities today for retail tenants seeking space in the Upper Fifth Avenue corridor than there has been in the past two decades. Retailers will find abundant opportunities for new store growth and Smith is optimistic that the remainder of 2018 will bring positive net absorption to this market.
To read more about other local retail submarkets, check out our Manhattan Q4 Retail Research Report.