Hi,
From what I can find online, most of the reports on major metropolitan
areas don't differentiate between kiosk, "small box" and "big box"
footage when quoting lease prices.
The rental markets you specify all have fluctuations within each area.
There will be neighborhoods - or streets - where space can be found
for $50/sq. ft. and others where $500/sq. ft. would be a bargain.
The FDIC's Survey of Real Estate Trends issued in July shows that most
areas are experiencing an excess of retail space.
http://www.fdic.gov/bank/analytical/survey/2002jul/re0702.pdf
A Look at Residential and Commercial Real Estate Markets, September
19, 2002 based on the survey comments that rates continue to fall.
http://www.fdic.gov/bank/analytical/fyi/091902fyi.html
This article discusses the development (or lack thereof) of new
commercial space in LA
http://www.globest.com/RMIZU48DZ7D.html
Torto Wheaton Research finds "Although there is a lot of interest and
concern about the U.S. retail sector, there is surprisingly little
macroeconomic analysis available about long run trends and/or short
run fluctuations in the values of retail properties. In no small
measure, this is due to the
difficulty in obtaining consistent data about the behavior of retail
real estate, such as sales, occupancy and rental income. In an
increasingly competitive environment, such information is closely held
by owners."
http://www.tortowheatonresearch.com/pdfs/retsales.pdf
This is another of the reasons this search is a bit problematic.
Having said all of that, here are some figures that are available.
Grubb & Ellis has
Retail Market Trends
A Survey of the Nation’s Markets
Summer 2002
Junior Anchor would be the data that you are looking for.
http://www.grubb-ellis.com/pdf/natmrkttrnd/markettrendretail.pdf
Atlanta; Boston; Charlotte; NC Reno, NV; St.Louis; SanAntonio, TX:
http://shoppingcenterworld.com/ar/retail_leasing_trends_flexing/
Oklahoma City: Retail Market Trends
http://www.priceedwards.com/retailmarketrends.htm
The Costar group provides figures for office and industrial space
around the country. These are market averages and not necessarily
reflective of true costs (see the rates from New York below)
http://www.costar.com/trends/
CRESA also provides city by city trends for commercial office space.
http://www.cresa.com/locations/marketupdates/archive.htm
Cushman & Wakefield – again for office and industrial space
U.S. Market Data 3rd Quarter 2002
http://www.cushmanwakefield.com/us/RESEARCH/Worldwide/index.cfm
The US Census Economic Survey provides Floor Space by Selected Kind of
Business for the United States and States: 1997 (this is the latest
data available). This gives you an idea of the "typical" space needs
for different types of retail businesses.
The second page of this report provides rental figures (forecasted)
for office rental space in San Fransisco, New York, Houston and
Washington DC.
http://www.rebuz.com/research/0801-real-estate-research/2001MY_National_web.pdf
New Haven CT - http://www.traubco.com/market.htm#3rdQ02
If you want a more accurate look at what's available instead of
relying on trends:
New York - http://www.aboveny.com/FS_SrchSpace.htm
W 11th St
Retail space on GRnd for lease Tribeca 650 s/f $41.59 (s/f)
E 4th St
Retail space on BSMT for lease Greenwich Village 3,000 s/f $41.63
(s/f)
Third Ave
Retail space on GRnd for lease Uptown North 1,700-3,400 s/f
$42.35-$45.88 (s/f)
Third Ave
Retail space on GRnd for lease Upper East Side 500 s/f $192.00
(s/f)
Columbus Ave
Retail space on GRnd for lease Upper West Side 1,850 s/f $123.00
(s/f)
Columbus Ave
Retail space on GRnd for lease Upper West Side 1,100 s/f $185.45
(s/f)
Riverside Blvd
Retail space on GRnd for lease Upper West Side 8,500 s/f $55.00
(s/f)
Madison Ave
Retail space on GRnd for lease Uptown North 1,685 s/f $45.00 (s/f)
Madison Ave
Retail space on GRnd for lease Upper East Side 1,050 s/f $285.71
(s/f)
You see what I mean about price fluctuations.
You can go through each of your target markets and pull out a few
high, medium, low figures if you'd like. Just repeat the search:
retail space for rent “New York” - substituting the locale you need
the figures for.
Search terms used:
1. comparison commercial "retail real estate" rental rates US
2. retail leasing trends US
3. retail space for rent “New York”
It's a tough market right now and the rates - believe it or not - are
low. If you are looking for space for a business and not a report,
keep in mind that the vacancy rates are high. This gives you
bargaining power.
Many companies who hold leases are subleasing part of their space and
this can be a bargain.
Landlords are willing to "bend" to get tenants in. Groups are taking
larger spaces than they need to get additional leverage on the lease
and then sharing the space to reduce their overhead. The subleased
area would go for higher than the main tenant pays, but less than the
"small box" would be able to negotiate with the landlord. In some
cases landlords are throwing in some extras - such as remodeling
spaces with walls or lofts - to seal the deal.
Hope this helps.
Good luck!
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