Despite the US recession, rents are predicted to grow on New York’s prime streets, such as Fifth Avenue, research from Cushman & Wakefield reveals.
Prime rents are around $1,850/sq ft (£1,242/sq ft) – an increase of 23% on 2007 – and are expected to increase in 2009.
US clothes retailer Brooks Brothers is to close its Fifth Avenue store in January.
The store is on the market at an estimated rent of around $12.5m (£8.4m) a year.
Cushman & Wakefield is seeking a tenant for the 16,000 sq ft three-level store at 666 Fifth Avenue next to children’s clothing retailer Abercrombie, the store with the world’s highest rent.