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. [more]

From the May issue: Yelena Baturina, developer of Moscow’s Project Orange, a complex shaped like pieces of fruit, recently applied for $1.4 billion in government loan guarantees for her construction company, the International Herald Tribune reported. Baturina is the wealthiest woman in Russia, with an estimated personal fortune of $4.2 billion. Her construction company, Inteko, plans to use the loans to replace outdated cement factories and other facilities, the company said in a statement. Russia’s Ministry for Economic Development has asked the company to provide a more detailed breakdown of how it would use the money. Russia’s developers have struggled in the global economic meltdown. Baturina fell off the annual Forbes ranking of billionaires this year, as did the eight other Russian developers. Compiled by Sara Polsky [more]