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.

Article continues below
More from Culture
Shades of "Greenery."
Pantone’s Color of the Year is Green—a Vastly Underappreciated Color