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Bright forecasts for holiday season consumer spending are prompting some owners of retail properties in high-traffic Manhattan corridors, like Times Square, to raise tenants' rent. The latest biannual retail report from the Real Estate Board of New York (REBNY) indicates that many tourist-friendly businesses may have to pay more to operate because rents in areas with heavy foot traffic have gone up 107 percent from a year ago. Now, tenants can expect to pay an average of $1,700 per square foot for ground-level space.
