That setting up shop along prime Fifth Avenue requires deep pockets is no secret, but the glittering Manhattan strip remains a relative bargain compared to Hong Kong, Crain’s reported.
Hong Kong’s high-end shopping districts retain the distinction of having the world’s priciest retail rents, with those price tags hovering around $4,328 per square foot, according to numbers released today from commercial brokerage CBRE.
New York City came in second, despite a 22 percent jump year-over-year that brought retail rents to $3,050 along Fifth Avenue in the 50′s.
Trailing behind in third place, Paris reported rents were a relative bargain, at $1,220 per square foot.
“Global retailers continue to desire premier retail locations in gateway cities because of the global shoppers those corridors attract and the value delivered for brand visibility,” Anthony Buono, executive managing director of Americas Retail Services at CBRE, said in a statement.
For unknown retailers who can stomach the pricey rents, New York a valuable place to be despite the high rents, Faith Hope Consolo, executive chairman of retail leasing at Douglas Elliman, told Crain’s.
“You want to come to this market because you have the opportunity to really grow a brand—this is the city where brands are made,” Consolo told Crain’s. [Crain's] — Julie Strickland