The Champs-Élysées avenue in Paris is the costliest retail location in Europe and the third most expensive worldwide, according to Cushman & Wakefield’s Main Streets Across the World report for 2014/2015.
The Champs-Élysées avenue in Paris is the costliest retail location in Europe and the third most expensive worldwide, according to Cushman & Wakefield’s Main Streets Across the World report for 2014/2015.
New York emerged as the world’s most expensive shopping location this year, overtaking Hong Kong which took the top spot last year. Rents on New York’s Upper Fifth Avenue reached a record $3,500 per sq ft, while those on Hong Kong’s Causeway Bay fell 6.8%.
Paris retained its third place globally despite rental values remaining flat after a 40% rise in 2013. Rents on London’s New Bond Street rose by 4.2%, putting the UK capital in fourth place in the ranking, unchanged from last year.
Prime retail rents across the globe rose by 2.4% in the 12 months to September 2014, C&W’s research shows. The Americas booked the strongest regional growth with prime rents increasing by 5.8%, the same figure as last year, while EMEA saw a modest 1.3% rise and Asia Pacific witnessed a 3.6% gain.
The Main Streets Across the World report ranks the most expensive locations in the top 330 shopping destinations across 65 countries.
Click on the attachment below (pdf) to read the full Main Streets Across the World report
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