NYC’s Fifth Avenue ranks second in retail rents worldwide

TRD NEW YORK /
Aug.August 19, 2013 03:00 PM

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


Related Articles

arrow_forward_ios
Kitopi CEO Mohamad Ballout (Credit: Kitopi and iStock)

“Smart” kitchen and delivery startup raises $60M for US expansion

Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi, Berluti take over old Coach flagship at 595 Madison

From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner

Ex-Barneys CEO Daniella Vitale (Credit: Getty Images, Google Maps)

Barneys’ lights still on, but workers left in dark

Faith Hope Consolo (Credit: Getty Images, iStock)

The real story behind Faith Hope Consolo’s glamorous life

Bed Bath & Beyond (Credit: Getty Images)

Bed Bath & Beyond is selling its real estate to private equity

Holiday spending was up this year — especially online (Credit: iStock)

Unsettling news for landlords: Online retailers killed it this holiday season

Moinian Group CEO Joseph Moinian, and a street view of the new Best Buy location (535 Fifth Avenue, at left) and the old one (529 Fifth Avenue, at right) 

Best Buy signs lease for new store at 535 Fifth

arrow_forward_ios
Loading...