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Manhattan Retail Marketview

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Manhattan Retail Marketview Manhattan Retail MarketView Q3 2014 CBRE Global Research and Consulting U.S. CONSUMER CONFIDENCE U.S. JOBS ADDED U.S. UNEMPLOYMENT RATE U.S. GDP (SEPT ’14) 86 (SEPT ’14) 329,000 (SEPT ’14) 5.9% (SEPT ’14) 3.9% Market Overview Retail News The U.S. unemployment rate fell to 5.9% where it leased approximately 55,000 in September, the lowest level since sq. ft. The debut of these two stores in • In the Meatpacking District, Samsung July 2008.1 Retail sales for the quarter Downtown Manhattan demonstrates the has signed a lease for the entire remained stable, and sales increased area’s significant traction and continuing building at 837 Washington Street, by 4.3% year over year.2 New York growth. Meanwhile, at Hudson Yards, which includes 55,000 sq. ft. of indoor City unemployment decreased to 6.1% Neiman Marcus, the Dallas-based space and 7,000 sq. ft. of outdoor as of September 2014, similar to the luxury department store that has been in space. national trend, while employment in the operation since 1907, is slated to open private sector improved, increasing by its first Manhattan store in 2018, leasing • Microsoft will open its first-ever flagship 95,400—a 2.8% year-over-year gain.3,4 250,000 sq. ft. on multiple levels. store in 8,700 sq. ft. of space at 677 The Manhattan office market witnessed Fifth Avenue. substantial activity, leasing a total of In addition to these recent announcements, 22.96 million sq. ft. year to date, a 27% Nordstrom, Barneys New York, Macy’s and • Now the tallest residential tower in the year-over-year increase. Manhattan’s Bergdorf Goodman will also contribute western hemisphere, 432 Park Avenue office leasing is on pace to be the highest- to the department store momentum. contains approximately 412,000 sq. ft. volume leasing year in a decade. Nordstrom will anchor Extell’s development of residential space. The building will at 225 West 57th Street, occupying also contain a retail component totaling Manhattan retail leasing activity was largely approximately 285,000 sq. ft. across 93,000 sq. ft. shaped by the announcement of three seven stories; the store is expected to open new department stores in Q3 2014. Saks in 2018. In addition to its current Madison • Acadia Realty Trust acquired two retail Fifth Avenue will expand its presence by Avenue location, Barneys will return to its co-ops at 131-135 Prince Street, serving as an anchor tenant at Brookfield original location in Chelsea on Seventh totaling 3,000 sq. ft., for $50 million. Place, occupying a four-floor, 85,000-sq.- Avenue between 16th and 17th streets, ft. store and joining other luxury tenants where it will occupy 57,000 sq. ft. across including Burberry and Salvatore seven stories. Macy’s at Herald Square Ferragamo. Saks OFF 5TH, the outlet and Bergdorf Goodman in the Plaza division of Saks Fifth Avenue, will open its District are currently undergoing extensive first store in Manhattan at 1 Liberty Plaza, renovations. 1 U.S. Bureau of Labor Statistics 2 U.S. Department of Commerce 3,4. NY Department of Labor Figure 1: Notable Transactions - Q3 2014 Address Size (Sq. Ft.) Tenant Industry 9-19 Ninth Avenue 30,000 Restoration Hardware Home Furnishings 793 Madison Avenue 9,000 Louis Leeman Shoes 136 Greene Street 7,400 Brunello Cucinelli Apparel/ Accessories 513 Broadway 6,000 True Religion Jeans Apparel/Accessories 303 Tenth Avenue 5,100 Hudson Market Restaurant/Consumables 699 Madison Avenue 4,388 Jimmy Choo Shoes 33 Union Square West 3,300 Dylan’s Candy Bar Restaurant/Consumables 1333 Broadway 3,265 Shake Shack Restaurant/Consumables Brookfield Place 3,161 Omega Jewelry 16 West 18th Avenue 1,706 Rent the Runway Apparel/Accessories 94 Charles Street 1,400 Billy Reid Apparel/Accessories 127 Prince Street 1,400 Lululemon Men’s Apparel/Accessories 680 Madison Avenue 650 Morgenthal Frederics Optical Store Source: CBRE Retail Research Group, Q3 2014. © 2014, CBRE, Inc. FEATURED NEIGHBORHOOD UPPER MADISON AVENUE Q3 2014 Upper Madison Avenue is a world- with the Men’s Store in the Rhinelander renowned retail destination. Mansion, as well as three different Characterized by an exclusive, elegant stores across the street, including the environment, the corridor features a Women’s and Home Flagship in a Manhattan Retail | Manhattan Retail diverse mix of the finest luxury brands, limestone Beaux-Arts “palace” that many situated in brownstones or opened in 2010. New entrants will limestone French Renaissance Revival include Givenchy and Louis Leeman. townhouses originally built as private Additionally, Oscar de la Renta and homes. The stretch of Madison Avenue Valentino both expanded their footprints between 57th and 72nd streets, which on this section of Madison Avenue in MarketView provides 15 contiguous blocks of 2013. ASKING RENTS retail, is considered one of the most prestigious corridors in Manhattan. The stretch north of 72nd Street up ON UPPER Asking rents on Upper Madison Avenue to 79th Street has become home to continue to climb, currently averaging a new type of retailer for Madison MADISON AVENUE $1,700 per sq. ft.—more than double Avenue. Hip, contemporary clothiers 2009’s average asking rent of $800 like Calypso, Zadig & Voltaire, Milly CONTINUE TO per sq. ft. and Rebecca Taylor have all opened stores, attracting a younger generation CLIMB, CURRENTLY Madison Avenue between 57th and of shoppers. Additionally, Apple will 62nd streets is the most heavily be opening a 12,580-sq.-ft. space at AVERAGING $1,700 trafficked section of the corridor and 940 Madison Avenue, and in 2015 boasts the highest average asking rent, the Metropolitan Museum of Art will PER SQ. FT.—MORE at $1,835 per sq. ft. The stores on this take over the Whitney Museum’s Breuer stretch tend to have larger floor plates Building at 945 Madison Avenue. THAN DOUBLE than other sections of Upper Madison The museum will reopen in 2016 Avenue, and cater to the surrounding to showcase the Met’s collection of 2009’S AVERAGE office population as well as the tourist modern and contemporary art. These overflow from Fifth Avenue. Notable two openings—augmented by visitors ASKING RENT OF retailers along this stretch include from renowned hotels such as the Barneys New York, Hermès, Mulberry Carlyle, the Surrey and the Mark—will $800 PER SQ. FT. and Tod’s. Fendi recently leased likely result in higher foot traffic, which space at 598 Madison Avenue, on the may attract additional retailers. The northwest corner of 57th Street. average asking rent on this corridor is $935 per sq. ft. Retailers located on Madison Avenue between 62nd and 72nd streets typically have smaller footprints, which provide an optimal boutique space for products like jewelry, shoes and accessories. Asking rents are more modest, averaging $1,600 per sq. ft., and current stores house luxury retail such as Alexander McQueen, Bottega Veneta, Céline, Chanel and Lanvin. Ralph Lauren has a long- established presence on this corridor, 2 Source: CBRE Retail Research Group, Q3 2014. © 2014, CBRE, Inc. Alice In Woderland Sculpture E 75TH STREET Loeb Boathouse Model Hans conservatory Boat water E 74TH STREET The Lake Christian House Anderson The Statue Bow Point Bridge LEXINGTON AVENUE FIFTH AVENUE MADISON AVENUE W E E A S S E 73RD STREET T T PARK AVENUE D Figure 2: Upper Madison Avenue R D IV R E IV E Pilgrim Hill Cherry Hill Bethesda Fountain Q3 2014 Cherry E 72ND STREET Hill Fountain REET D ST 72N Manhattan Retail | Manhattan Retail E 71ST STREET Rumsey East Playground Green Naumburg Bandshell E 70TH STREET Bowling & Croquet MarketView Greens Mineral Springs Pavilion The Mall E 69TH STREET 6 CENTRAL PARK E 68TH STREET The Dene Sheep Meadow Dene Rock LEXINGTON AVENUE FIFTH AVENUE E 67TH STREET MADISON AVENUE Literary Walk PARK AVENUE Olmstead Flower Bed E66TH STREET 65TH STREET E 65TH STREET Carousel The Dairy Visitor Information Center Arsenal Heckscher Central Park Ballfields E E 64TH STREET A Zoo Chess And S T Checkers D R I House V Cat E Rock E 63RD STREET F Umpire Rock Wollman Ice C E Rink Drip N T Heckscher E Rock R Playground D R I V E 62ND STREET E Spur Rock The E 61ST STREET Pond N R E 60TH STREET N-R-W E C V E I NT Grand Army R Central Park ER DRIV D E T Plaza S E W CENTRAL PARK SOUTH W 59TH STREET E 59TH STREET 4-5-6 LEXINGTON AVENUE MADISON AVENUE AVENUE OF THE AMERICAS FIFTH AVENUE SEVENTH AVENUE PARK AVENUE W 58TH STREET E 58TH STREET 3 N-Q-R F W 57TH STREET E 57TH STREET THIRD AVENUE © 2014, CBRE, Inc. MAJOR RETAIL CORRIDORS Q3 2014 Nine of 11 average asking rents on transparency for ground-floor retail for Midtown Fifth Avenue from 49th to 59th Manhattan’s major retail corridors saw banks and loan offices, which typically streets also experienced a substantial slight to moderate increases from Q2 command higher rents. Some year-over-year rise in its average asking 2014 to Q3 2014, led by a 10.9% landlords have lowered their asking rent, which increased by 13.2%. increase on Upper West Side Broadway. rents with the understanding that it Recognized as a premier shopping Manhattan Retail | Manhattan Retail The increase in the average asking rent may be more challenging to attract corridor, this portion of Fifth Avenue from $317 per sq. ft. to $352 per sq. certain tenants. commands asking rents that continue to ft. can be attributed to a rise in asking rise as the demand to secure highly rents of existing availabilities, as well as The largest year-over-year increase coveted space in the area remains the addition of new availabilities, occurred in Herald Square, at 16.5%, a strong.
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