Madison, East 57th Retail Rents Static

The Cushman & Wakefield Global Retail Market Report released on Wednesday showed that the average retail rent for space along Fifth Avenue had jumped 23 percent annually in June 2008 to $1,850 a square foot per year. That made that stretch of Manhattan the world’s most expensive retail corridor.

But there’s also Madison Avenue and East 57th Street, the No. 2 and No. 3 most expensive retail corridors, respectively, in North America. The average per foot annually for Madison was $1,200; and for East 57th, $900. (The next closest in North America is Beverly Hills’ Rodeo Drive at $670.)

Madison and East 57th’s rents, however, were rather static, staying identical in June to the averages 12 months earlier.