ESTATE


Madison Ave. real estate feels retail pain
2009/04/09, 6:11 pm
Filed under: 1 | Tags: , ,

Even New York’s high-flying Madison Avenue has more than its share of “For Rent” signs.

Madison Avenue’s availability rate is 12 percent, according to commercial real estate broker Cushman & Wakefield, more than twice what it was two years ago. Availability includes tenants who would move elsewhere if they got a good offer to buy out the lease.

“Not only (do) we have signs, but we have retailers who are still running their businesses, but we know unofficially that if we could bring them some subtenants they would walk away,” says Eric Le Goff of Cushman & Wakefield.

One big factor is Madison Avenue’s $1,000 per square foot rents, Le Goff says.

Source: USA Today, Marsha T. Moore (04/08/2009)
www.usatoday.com

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