The Times Square bow tie, at Broadway Between West 42nd Street and West 47th Street, has made it onto a list of the world’s most expensive shopping stretches for the first time, Crain’s reported, with rents averaging $1,350 a square foot, according to data from Cushman & Wakefield.
“Times Square is the center of the world and it has become another place where retailers want to express their identity,” said Gene Spiegelman, executive vice president with Cushman & Wakefield.
Rents on East 57th Street between Fifth and Madison avenues have also been increasing rapidly, the findings show, rising 20 percent to $1,200 a square foot year-over-year. Fifth Avenue, as usual, ranked as the most expensive shopping street in the world for the 10th year in a row, averaging $2,250 a square foot in the year ended June 30 — a 22 percent jump from a year earlier. [Crain’s]