The Real Deal Miami

Real estate prices in luxury retail locations remain high

December 23, 2008 11:07AM

Despite the real estate bust, prices per square foot in luxury retail
locations around the world remain high. In New York, the average rent
along Fifth Avenue reached $1,850 per
square foot, according to Cushman & Wakefield. High demand for Fifth
Avenue spaces gives tenants little bargaining power to renegotiate
their leases. But on other top retail streets, such as New Bond Street in London, per-square-foot rents have declined and tenants have more negotiating power.