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The asking rent declined to $29.27 a square foot from $32.06 a square foot in the third quarter of 2002.
The average asking rent declined slightly to $47.59 a square foot from the peak of $47.78 a square foot in October.
But the number of stores available for rent declined from the 2,010 last Sept. 30, and the average size of stores for rent went down from 6,236 square feet at that time to 5,715 square feet at the end of March.
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Instead of rising, rents declined as the recession took hold, and new leases were scarce.
In the broader area of Midtown South and downtown, rents declined 1.5percentt in the same period.
In the Northeast, rents declined 2.1percentt in downtown areas and 1.6percentt in the suburbs.
Average asking rents declined 32 cents a square foot, to $39.15 a year.
Average asking rents declined about $1 a square foot, to $24.34, according to figures published by Newmark.
Most of these tenants with time-warped rents declined to be interviewed, because of the hate mail they believed they would receive.
In the West End, the capital's swankiest neighbourhood and home to a previously blossoming but now withering crop of hedge funds, rents declined by 8% from their peak in the spring of 2008 to November, according to Capital Economics, a consultancy.
Rough Trade East's launch six years ago sounded a rare note of optimism at a time when rising rents, declining demand for most physical formats and competition from online retailers had left many British towns without a single independent record shop.
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