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New York

NYC still most expensive retail market

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Store rents fell in the world’s most expensive locations during the first quarter and are expected to continue to decline through 2010, according to CB Richard Ellis. But even though asking rents on Fifth Avenue in Manhattan have fallen 10 percent in the past year, New York City kept its top spot as the most expensive retail market, CBRE reported. Hong Kong was ranked second and Moscow was third as the priciest retail areas. “Most retail property markets are experiencing reduced demand from retailers and an increase in the number of vacant units, which is in turn affecting rents,” Nick Axford, head of research in Europe for CBRE And Ray Torto, CBRE’s global chief economist, said U.S. retail rents will eventually decline 25 percent from the market peak in mid-2008.

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CBREFifth AvenueRetail Real Estate