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
1333 South Congress Avenue in Austin, Texas and Tecovas CEO Paul Hedrick (Google Maps, Twitter)
These boots are made for lending
These boots are made for lending
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Noam Ben-Zvi, chief executive officer, Placer.AI (Placer.AI, iStock)
Location data firm Placer.ai hits unicorn status with $100M Series C
Location data firm Placer.ai hits unicorn status with $100M Series C
Is “medtail” a cure for Manhattan’s vacant storefronts?
Is “medtail” a cure for Manhattan’s vacant storefronts?
Is “medtail” a cure for Manhattan’s vacant storefronts?
Sunshine Powers in her artisanal tie-dye shop, Love on Haight (Photo courtesy of Emily Landes)
How Haight-Ashbury got through the pandemic
How Haight-Ashbury got through the pandemic
CIM Real Estate Finance Trust selling retail portfolio for $1.3B
CIM Real Estate Finance Trust selling retail portfolio for $1.3B
CIM Real Estate Finance Trust selling retail portfolio for $1.3B
Michael Shvo brings elite Core Club to Fifth Avenue
Michael Shvo brings elite Core Club to Fifth Avenue
Michael Shvo brings elite Core Club to Fifth Avenue
301 Norman Avenue in Brooklyn and 72 Mercer Street with Vornado's Steven Roth (Google Maps, Avison Young, Getty)
Vornado takes another retail loss as investors remain drawn to warehouses
Vornado takes another retail loss as investors remain drawn to warehouses
arrow_forward_ios

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

Loading...