Manhattan for Rent

New York's top retail corridors ranked by their changes in average asking rents per square foot.

(WWD) -- Though real estate activity throughout the nation has been challenging, New York's retail market is booming. "Retail has really been the strongest market in all real estate sectors for the city," said Mike Slattery, senior vice president of the Real Estate Board of New York, which recently released its spring 2008 report. "Real estate here is driven by tourism, and by companies who are looking for high-profile locations — the 'need to be here' aspect has kept demand high." This year, the firm's report reassessed New York's major corridors in order to account for some up-and-coming areas witnessing a boom in retail activity. Examples include Fifth Avenue south of 49th Street, Bleecker Street in the West Village and 14th Street in the Meatpacking District — these corridors do not appear on the list, however, due to the lack of year-over-year comparisons.