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Manhattan Retail Rents Rose Big Time in 2007

Manhattan real estate rental prices jumped significantly during the past year, increasing 26% to $133 a square foot, according to a report released this week by the Real Estate Board of New York.

Every neighborhood surveyed in the report showed an increase in asking rents for retail space compared to last year.

The president of REBNY, Steven Spinola, said the increases show that the city's retail market remains healthy. "This is a strong indication of continuing retail market growth and the strength of the city's economy," he said.

Story at the New York Sun. You can see REBNY's press release here(pdf).

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