New York’s Fifth Avenue is the world’s most expensive shopping street, according to Main Streets Across the World, an annual report published by Cushman & Wakefield Healey & Baker (C&W/H&B). Tokyo, Dublin and Buenos Aires are the top risers in the ranking of rents in the world’s top retail destinations. Asia Pacific shows the biggest regional increase in rents.
Shops located on Fifth Avenue between 50th and 59th Street can expect to pay an average annual rent of €8,406 per m², equivalent to US$950 per square foot, for ground floor retail units. And that is before service charges, local taxes and other fit-out costs.
Main Streets Across the World 2004 tracks retail rents in the world’s top 229 shopping locations across 45 countries around the world. The report’s global league table is drawn up by taking the most expensive location in each of the countries monitored. In second position, after New York’s Fifth Avenue, is the Avenue des Champs Elysées in Paris and then Causeway Bay in Hong Kong.
“Shopping has gone global. A new league of super destinations has sprung up, and the top names in retail don’t want to miss out on not being there