Manhattan retail rents soar to record levels

Crain's New York reports:

The asking rents for retail space in Manhattan have skyrocketed to record levels, fueled mainly by frenetic activity in fashion and major luxury brands, according to a new survey.

Average asking rents for ground floor space in 14 major Manhattan areas are up 19% to $329 per square foot from the year-ago period, according to a report released today by the Real Estate Board of New York. The corridors surveyed include hot retail locations in downtown, midtown and upper Manhattan.

Life on an island.