Rodeo Drive in Beverly Hills is the second in most expensive retail location in the nation based on rental value, a new report from Cushman & Wakefield shows. It is solely eclipsed by New York’s Fifth Avenue. The famed stretch — home to Gucci, Versace, Louis Vuitton and other big-ticket stores — ranked second on last year’s list, too.
This year, however, asking rent per square foot per year increased to $875, up from $800 in 2016, according to the Cushman global flagship report, “Main Streets across the World.”
San Francisco’s Union Square claims the third spot on the list, with rents asking $700 per square foot. New York City’s Fifth Avenue, on the other hand, commands rents of $3,000 per square foot, providing it with the No. 1 slot on both the nationwide and global list of expensive retail. Other premiere shopping in the country can be found in Chicago’s North Michigan Avenue, Miami’s Lincoln Road and Toronto’s Bloor Street.
Los Angeles is also seeing an increase in restaurants and cafes providing grab-and-go food options, such as Sweetgreen, Joe & the Juice, Cava Grill and Beaming, the report found. More pop-up locations and experience-based locations will also continue to increase as brick-and-mortar stores shed some square footage and consolidate.