Retail rents are rising in select Manhattan neighborhoods and space availability is tightening, according to Cushman & Wakefield Inc.
“Though the improvements in many of the core markets have been subtle, they are signaling a return to stability,” Joseph R. Harbert, the real estate firm’s chief operating officer for the New York Metro Region said Tuesday during the company’s quarterly update on commercial real estate.
Only one of the seven retail Manhattan submarkets, or neighborhoods, tracked by Cushman & Wakefield experienced a quarterly increase in space availability. Four had a decrease and two remained stable. Average asking rents for ground floor space increased in five of the submarkets.
In SoHo, asking rents increased $11 compared with the first quarter of 2009 and now average $269 a square foot. Availability of property units for leasing decreased to 11.1 percent from 12.6 percent at the end of 2009.
In Times Square, from Eighth Avenue to Broadway and 42nd to 49th Streets, average asking rents reached $647 a square foot, from $610 at the end of last year. Availability was unchanged at 9.3 percent.
On Third Avenue, from 58th to 79th Streets, rents averaged $242 a square foot at the end of the first quarter, up from $235 a square foot at the end of 2009. Availability fell to 10.5 percent from 11.8 percent at the end the fourth quarter.
Leasing activity is also on the rise. “We don’t have a number on it yet, but we know the business is up — 2010 is above 2009,” said Gene Spiegelman, the company’s executive vice president of retail services.
However, Cushman & Wakefield said that on Madison Avenue, where landlords charged luxury tenants high rents and the recession triggered a wave of closings, average asking rents fell to $827 a square foot from $834 at the end of last year. Madison Avenue’s availability dipped slightly to 12.8 percent, compared with 13 percent one year ago.
Rents also declined on the Upper West Side, to $282 a square foot from $298 at yearend, although availability decreased to 8.4 percent from 9.2 percent. The Upper West Side has seen an influx of new retail, attracting Apple, Brooks Brothers, Uggs, Zara, Lululemon, Kiehl’s, Calypso, Lucky Brand as well as Burberry, which plans to open this year on Columbus Avenue.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews