Share this on

Recession Takes Toll on Ritziest Retail Real Estate

By Staff -- Gifts and Dec, 9/30/2009 12:48:00 PM

New York – Rents on the priciest shopping streets have plunged the most in at least 24 years, according to Cushman & Wakefield Inc., a real estate broker.

Manhattan’s Fifth Avenue, the world’s most expensive retail address for the eighth year in a row, saw annual rents drop 8.1 percent in the 12 months through June, to $1,700 a square foot. Rents in Hong Kong’s Causeway Bay declined 15 percent to $1,525, according to Bloomberg. Rents on Dublin’s Grafton Street fell 23 percent, the most of any of the 10 costliest addresses. Mumbai had the steepest decline worldwide, at 64 percent.

The average rent in the 274 shopping streets in 60 countries monitored by Cushman & Wakefield fell 23 percent to $213 a square foot, from $276 a square foot a year earlier. Rents declined in 147 locations, the most since Cushman & Wakefield first published its survey in 1986. They were little changed on 76 streets and rose on 51.

The biggest regional decrease was in the Asia-Pacific region, with rents down 15.1 percent. followed by central and eastern Europe, 14.7 percent; 12 percent in the U.S. and Canada and 5.8 percent in Europe overall.

Share this on

Talkback

We would love your feedback!

What, to you and your customers, qualifies a product as "green"?

Aug 21, 2010

Wal-Mart Shrinks Stores

Oct 24, 2009

How often do you turn over your inventory? When do you put things on sale?

Jun 1, 2007

Midtown toy center proposed

Jun 16, 2006

Also by this author

»MORE

Featured Company

Brandwise Inc.

Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more