The madness of retail-rents
This report really reconfirms my statement: Let’s move around the corners and develop retail with sense and sustainability!
(from: “Thomas Daily News International, issue Nov 21st, 2008:)
Retail: Rents in global luxury locations keep on rising
Fifth Avenue in New York (€1,051/sqm/month), Causeway Bay in Hong Kong (€1,031/sqm/month) and the Champs Elysées in Paris (€644/sqm/month) are still the most expensive retail locations in the world.
According to “Mainstreets Across the World,” the recent market report compiled by Cushman & Wakefield, prices in 94% of the 236 retail locations monitored are either still rising or remaining stable, despite the global financial crisis. As in 2007, the ranking of the German locations is led by Kaufingerstrasse in Munich (€280/sqm/month), followed by the Zeil in Frankfurt (€240/sqm/month) and Schildergasse in Cologne (€230/sqm/month), Tauentzienstrasse in Berlin (€220/sqm/month) and Königsallee in Düsseldorf (€220/sqm/month). The top international retailers pursued expansion during the past twelve months in the so-called emerging markets, and considerably boosted rents in some established locations. C&W registered a 182% price rise on Colaba Causeway in Mumbai, followed by a 114% jump on Valikonagi Caddesi, in the European part of Istanbul, and by +100% on Mumbai’s Linking Road.
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