MAPIC 2015: New York’s Upper 5th Avenue is the most expensive retail street in the world with rents rising to $3,500 (£2,300) sq ft pa in 2015.
The street is nearly 50% more expensive than second place Causeway Bay in Hong Kong, according to a global research report released today by Cushman & Wakefield at MAPIC.
The 27th edition of the report shows that rents have risen in 35% of streets around the world – despite the increased global uncertainty experienced over the past 12 months.
Avenue Champs Élysées in Paris retained its crown as the most expensive retail location in EMEA, followed closely by New Bond Street, W1.
Strongest rental growth this year was recorded in Dublin’s Grafton Street and Covent Garden, WC2, as well as top high streets in Milan and Rome.
High streets in Russia and Ukraine experienced sharp falls linked to the conflict between the two countries that yielded slowdowns in economic growth and retail sales.
Justin Taylor, head of EMEA retail at Cushman & Wakefield, said: “From an EMEA perspective, despite any economic and political uncertainties in certain countries, the retail market is expected to see further improvements. Indeed, a strong retail sales growth forecast, robust occupier demand and a lack of supply in many locations mean rents will keep rising in the most popular high streets.”
