The cost of retail space in the world's top shopping destinations has gone up by an average of 8 per cent over the past year.
New York's Fifth Avenue is the the world's most "expensive shopping location, says Main Streets Across the World, an annual report by Cushman & Wakefield Healey & Baker (C&W/H&B), the European division of the world's largest privately held real estate services firm, Cushman & Wakefield.
In second position, after New York's Fifth Avenue, is Causeway Bay in Hong Kong, which this year has leapfrogged Paris' Avenue des Champs Elysées...
...Some of the strongest rental growth has also been in São Paulo in Brazil, where the best shopping centres have recorded rental growth of up to 40 per cent."
Main Streets Across the World monitors retail rents in 226 top locations in 45 countries around the world on an annual basis. This year, twice as many locations showed a rise in rents over the year to June 2003 rather than a fall, with rents stable in around 40 per cent of locations.
The top four most expensive retail locations in the US include 5th Avenue in New York at $13,993 per sq.m/yr, Madison Avenue in New York at $10,764 per sq.m/yr, and East 57th St in New York at $8073 per sq.f/yr, and Rodeo Drive in Beverly Hills, CA at $3,068 per sq.m/yr.
Read the full story: New York's Fifth Avenue Is The World's Most Expensive Shopping Location (Press Release)
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