REBNY Sees Asking Rent Declines Throughout New York City

The Real Estate Board of New York recently released its Fall 2009 Retail Report. The report chronicles asking rent declines throughout the city. High traffic, high profile areas such as Times Square and Fifth Avenue and trendy neighborhoods like the Meatpacking district and SoHo have fared relatively well. Other neighborhoods have seen deeper declines.

However, there are some retailers out looking for space in the market. According to the report's executive summary:

Major retail stores are doing better in their urban locations, such as New York, than they are doing in their suburban mall locations, according to our Advisory Group. There continues to be activity in the marketplace, as tenants like Kohls, TJMaxx, Whole Foods, Nordstrom, CB2 and Trader Joes are looking for initial or additional locations.

More importantly, deals are being done, such as MAC Cosmetics and Swarovski in Times Square, Espirit on 34th Street, J. C. Penney in Herald Square, Nordstrom Rack in Union Square, and Duane Reade and CVS throughout the city. In addition, restaurants, especially quick service and sandwich shops, are also opening all over town.

Here are a couple of the key charts from the report:

(Click for larger images)



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