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South Florida

Real estate prices in luxury retail locations remain high

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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.