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Everyone loves New York, especially retailers because retail rents just continue to go through the roof. Check this out from Cushman and Wakefield:

MADISON AVENUE RENTS PASS $1,000 PER SQUARE FOOT

Manhattan retail rents continued their upward climb during the first half of 2007.  According to Mr. Harbert, there is a constant and steady demand from a wide variety of retailers.  Continued strong demand for a limited amount of space has pushed rents to new highs.

Madison Avenue rents experienced the largest increase, passing the $1,000 per square foot mark.  At midyear 2007, average asking rents on the famous corridor reached $1,019, up $134 from this time last year.

Fifth Avenue held strong as the most expensive retail street in the world, with asking rents above 49th Street at $1,500 per square foot.  At midyear 2007, there were no direct availabilities on the Street.  According to Mr. Harbert, last year’s Gucci lease at Trump Tower solidified Fifth Avenue as the destination for both luxury and world-class brands, and the continued interest from retailers validates current asking rents.

(Source: Cushman &Wakefield – July 10, 2007 News Update)

You can read more about the marriage between Gucci and Trump here.

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