Landlords on Manhattan’s Fifth Avenue are sitting on a record amount of open space as retailers balk at committing to expensive new leases in one of the world’s most prestigious shopping districts.
availability rate on the famed strip, home to Saks Fifth Avenue and
Tiffany & Co.’s flagship store, jumped to 15.9 percent in the third
quarter, up from about 10 percent a year earlier, according to Cushman
& Wakefield Inc. The rate has climbed steadily this year, surpassing
the prior peak of 11.3 percent, set in the fourth quarter of 2014.. . . more