Six of 11 prime retail corridors in Manhattan enjoyed substantial rent increases during the third quarter, according to a report released yesterday by CBRE Group, Inc. Herald Square witnessed the largest quarter-to-quarter increase at 30%, with Downtown Manhattan following closely behind at 28%. Perennial retail heavyweights Fifth Avenue and Times Square (both up 23%) also surged.
Retail specialists are keeping a close eye on the stretch of Fifth Avenue between 42nd and 49th Streets. International apparel giant H&M signed for a 57,000-square-foot store–its largest in the world–at 589 Fifth Avenue in one of the quarter’s biggest transactions. (The Swedish company also leased 42,500 square feet at 4 Times Square.) “Fifth Avenue has been and will continue to be a major draw for tourists,” said Jedd Nero, the executive vice president of CBRE Retail Services.