NYC home to priciest retail for ninth year

New York /
Sep.September 21, 2010 11:00 AM

John Strachan

For the ninth consecutive year, New York City is home to the world’s priciest retail, according to a global retail report from Cushman & Wakefield, released today, which tracks the world’s top 269 shopping locations. Fifth Avenue, which saw its rents increase 8.8 percent from last year, up to an average $1,850 per square foot, nabbed the top spot, while Causeway Bay in Hong Kong and New Bond Street in London came in second and third places, respectively. Retail rents in prime locations — those that have, historically, been in high demand — are showing the greatest rebound from the 2009 doldrums, according to Cushman. Still, so-called “secondary locations” worldwide have faced challenges on the road to recovery, according to John Strachan, global head of retail at Cushman. “The aftershocks of the global economic recession are still being felt in the retail property market,”Stachan said. “However, on the great shopping streets of the world, in cities such as London and New York, demand has continued to exceed supply.” TRD

 

Related Articles

arrow_forward_ios
Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
Dollar General thrives amid retail apocalypse
Dollar General thrives amid retail apocalypse
15 W 55th owner Solly Assa. (Getty, Google Maps)
Value of building at former Domenico Vacca flagship cut by 70%
Value of building at former Domenico Vacca flagship cut by 70%
Laurent Tourondel's  LT  Burger is scheduled to open its Westhampton location this summer. (Google Maps, Getty, LT Burger)
LT Burger to open in Westhampton
LT Burger to open in Westhampton
Philip Williams Posters at 122 Chambers Street (Google Maps)
Iconic Tribeca poster shop’s storefront is for lease
Iconic Tribeca poster shop’s storefront is for lease
Mall of America with JPMorgan Chase' Jamie Dimon (left) and Goldman Sachs' David Solomon (Getty)
Banks, real estate investors circle Mall of America
Banks, real estate investors circle Mall of America
Gov. Andrew Cuomo and Sen. Liz Krueger (Getty)
Seeing green: New York set to legalize recreational marijuana
Seeing green: New York set to legalize recreational marijuana
The Printing House at 421 Hudson Street. (Compass, Getty)
Printing House condo board sues commercial owner for unpaid common charges
Printing House condo board sues commercial owner for unpaid common charges
Mayor Bill de Blasio announced plans for New York City to safely reopen Broadway shows in September. (Getty)
The show must go on: Broadway may be back by September
The show must go on: Broadway may be back by September
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...