Record amount of empty space on Fifth Avenue as retailers balk at rent hikes

New York

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.

The availability rate on the famed strip, home to Saks Fifth Avenue and Tiffany & Co's flagship store, jumped to 15.9 per cent in the third quarter, up from about 10 per cent a year earlier, according to Cushman & Wakefield Inc. The rate has climbed steadily this year, surpassing the prior peak of 11.3 per cent, set in the fourth quarter of 2014.

The rise of empty storefronts isn't limited to Fifth Avenue. It's part of a Manhattan-wide space glut as retailers - buffeted by …