Fifth Avenue’s Retail District Expands Southward
The portion of Fifth Avenue between 49th Street and 42nd Street is increasingly becoming popular among retailers looking for a Fifth Avenue presence, according to the New York Times. The southward expansion is attributable to several factors:
- The supply of vacant retail space north of 49th Street is limited.
- Lease rates are much lower below 49th Street.
- Retailers on Fifth Avenue below 49th attract commuters from Grand Central station and visitors from Times Square.
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According to a Cushman & Wakefield survey, the average ground-floor rent per square foot on Fifth Avenue between 42nd and 49th Streets in the second quarter of 2012 was $892/sf – up 44 percent from the same period in 2011, and 96 percent higher than the same period five years ago. The average rent per square foot on Fifth Avenue between 49th to 60th Streets was $2,067/sf for Q2 2012 – up one percent over 2011, and 38 percent over five years.
Last Updated on September 5, 2012 by Ramin Seddiq