Spring 2013 Retail Report

The Manhattan retail market continues to be one of the healthiest sectors in the real estate market in New York. Rents in the high-profile corridors are high and rising due to strong demand from a broad range of both domestic and international retailers. Activity in the secondary corridors with more local tenancy is improving too as business confidence builds as a result of a consumer buoyed by an improving economic growth outlook and an improving job market. Booming tourism in the city has also played a major role in boosting asking rents. New York City attracted 52 million tourists last year according to NYC & Company, the most ever recorded.