Dive Summary:

• The Real Estate Board of New York has released its spring retail report this week and expressed their consensus that “the retail market continues to be one of the healthiest sectors” of New York.
• According to the report, the overall growth of the retail sector surged, as the amount of asking average rents rose 55% in Times Square.
• The REBNY attributed the gains to a limited supply of available retail space and a spike in tourism.

From the article:

While across-the-board Manhattan average asking rents rose a mere 2 percent ($116 this spring compared to $114 last spring), prime corridors enjoyed dramatic gains. Average asking rents in the Times Square submarket spiked 55 percent to $2,175 per square foot compared to $1,400 a foot last spring.