Paris’s Champs-Elysées has retained its crown as Europe’s most expensive high street location, according to research by Cushman & Wakefield.
Paris’s Champs-Elysées has retained its crown as Europe’s most expensive high street location, according to research by Cushman & Wakefield.
Retail space in the French capital’s most prominent boulevard attracted an average annual rent of €13,255 per m2. The figure is unchanged since last year despite sales growth of 6.0%.
Rents in the second most expensive location, Bond Street in London, averaged €12,762 per m2 per year, a rise of 4.5% against last year, boosted by the rising value of the pound against the euro.
In third place was Milan’s Via Montenapoleone, at €8,500 per m2 per year, 13.3% higher than a year ago. The three cities placed third, fourth and sixth on Cushman & Wakefield’s global rankings.
New York’s Upper Fifth Avenue was the runaway world leader, with annual rents averaging €33,812 per m2, followed by Causeway Bay in Hong Kong at €23,178 per m2 per year.
Justin Taylor, head of EMEA retail at Cushman & Wakefield, said: ‘A good outlook for employees, rising wages and consumer confidence in the economic recovery are creating a positive outlook for the future of retail.’
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PROPERTYEU AT MAPIC 2015
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European Retail Investment & Asset Management
Date: Thursday, 19 November 2015
Time: 11:00 - 11:40
Location MAPIC - TriGranit Stand, Stand C1, Riviera Hall (R7.C 1), Palais des Festivals
Finding the right investment opportunities in Europe
Where are the best returns and opportunities in European retail? Which cities & markets? Which sectors - High Street, Shopping Centres, Retail Parks, Luxury or Budget? How do leading investors see the retail market? Join industry experts in a lively interactive discussion focused on the investors view .
Attendance is free of charge for attendees at MAPIC. Click here to register