Monday, September 29, 2014

Retail Confidence...Here's Proof!

Healthier Retail numbers abound across the country and we on the Monterey Bay are no exception. Two of our healthiest retail neighborhoods here on the Monterey Peninsula are Ocean Avenue in beautiful Carmel-by-the-Sea and on world-famous Cannery Row in Monterey. There are no vacancies on either of these strips and the tenants are successfully embracing monthly rental rates that range from $6-12 per square foot (this number is for the high foot traffic corridors of Ocean and Cannery Row themselves...arteries see rates from $3-5 per square foot). As I meet with a regional retailer to negotiate a prime location lease on Cannery Row this Wednesday, I am heartened to hear that the confidence in retail sales is solidified further by Microsoft's proposed lease on Fifth Avenue in NYC at the former Fendi $229 per square foot ($2,749 annualized). We continue to move forward!  Here's the WSJ article: Microsoft on 5th Ave

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