Fifth Ave. Retail Rents Break $3K-Per-Square-Foot Record

By Kaitlin Ugolik (August 9, 2013, 7:03 PM EDT) -- Average asking rents for retail space in Midtown's prime Fifth Avenue shopping corridor have surpassed the $3,000-per-square-foot mark for the first time, according to commercial real estate services firm CBRE Group Inc.

The average asking rent for Fifth Avenue between 49th and 59th streets is just over $3,000 per square foot, according to CBRE's second-quarter Manhattan MarketView report.

This is the first time any retail corridor in Manhattan has reached that asking rent peak, according to the firm.

"Retail rents in the second quarter were generally strong," but none quite as strong as on Fifth Avenue, said Richard Hodos, executive vice...

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