CBRE Group releases Manhattan Retail Market View report for second quarter 2012

CBRE Group, Inc. has released its Manhattan Retail MarketView report for second quarter 2012. Average asking rents in six of 11 prime retail corridors registered quarter-over-quarter increases, illustrating a sustained demand for space in the city's most sought-after thoroughfares. In addition, select properties asking $2,500 per s/f ranked the borough as the second-most expensive retail market in the world, behind only Hong Kong. The area retail market showed signs of strength, with several sizable deals completed during the quarter. High-end department store Nordstrom signed an agreement with Extell Development to occupy 285,000 s/f in a planned skyscraper on Broadway and West 57th St. This will be one of Nordstrom's first full-line locations in the borough and is expected to open in 2018. Express leased 27,000 s/f for a flagship location at 1552 Broadway in the Times Square Bowtie, one of the most highly-trafficked retail destinations in the city. JCPenney will open its second Manhattan location in 11,500 s/f of Nolita's Puck Building at 200 Lafayette St. Average asking rents in Soho for ground-floor space on the Broadway corridor have risen 17.26% over the past six months, with some properties on Broadway pushing asking rents into the $600 to $700 per s/f range. CBRE Group, Inc. a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.