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

Leasing costs are increasing in tandem with property values, outpacing gains in merchandise sales

On the stretch of Fifth Avenue from 49th to 60th streets, which commands the world's highest rents, landlords are asking an average of US$3,213 a square foot, up from US$2,075 a square foot in 2011, Cushman data show.

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...