Fifth Avenue plagued by rise in vacant retail space Shopping corridor seeing record availability rate
Fifth Avenue Retail strip
One of the city s best known shopping districts is starting to look a little like a ghost town (relatively speaking).
Experts point to climbing rents in the district as one of the driving forces behind the glut of open space. Spaces along Fifth Avenue from 49th to 60th streets — one of the priciest retail locations in the world — have an average asking rent of $3,213 a square foot, Bloomberg reported. In 2011, asking rents were $2,075 a square foot on the stretch.
Empty storefronts are plaguing much of Manhattan, as rents rise and retailers struggle to compete with e-commerce and demand wanes for luxury products.
“Property trades are being based on achieving ever-higher rents, and nobody ever really looks at what retailers can afford爱上海