Real estate prices in luxury retail locations remain high

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.