Are Lincoln Road rents worth it?
Lincoln Road has become one of the most expensive retail corridors in all of South Florida, with high-end brands paying as much as $300 per square foot for space on the street, according to a report by Cushman & Wakefield. But is it worth it?
According to Frank Begrowicz, an associate director with Cushman & Wakefield’s Miami office, renting space on Lincoln Road is about more than simply being at the center of South Florida’s shopping scene. There’s also a a marketing component to being on Lincoln Road, he told WLRN.
A retailer’s sales may make up just $200 of the $300-per-square-foot rent, Begrowicz said. Shop owners “chalk the other $100 [per square foot] up to advertising to a customer from a market where it might be cost prohibitive for you to transact today.”
And while $300-per-square-foot rent might be steep for South Florida, it’s nothing compared to New York City’s Madison Avenue where the average asking price for retail space is $2,500 per square foot. [WLRN] – Christopher Cameron