Madison Catches Fifth in Retail Rents (Well, Almost)

Fifth Avenue in midtown remains the most expensive corridor on Earth for retailers to rent along, but Madison Avenue, for the first time, isn't too far behind. A recent report from brokerage Cushman & Wakefield said the average asking rent for retail space on Madison Avenue in midtown was $1,019 a square foot annually by the middle of 2007. That's the first time the average has passed the $1,000 mark, and is a $134 increase from mid-2006.

But Fifth remains the priciest. Asking rents above 49th Street on Fifth average $1,500 a foot. Still, as Cushman & Wakefield noted, there was no space directly available for lease along the stretch.