New York’s Upper Fifth Avenue is the most expensive retail road on the globe with rents ascending to US$3,500/sq. ft. in 2015, which is almost 50 percent more costly than second place Causeway Bay in Hong Kong, as indicated by a worldwide survey report out today from Cushman and Wakefield.
Cushman and Wakefield’s Main Streets Across the World report tracks more than 500 of the top retail roads around the world, positioning them by their prime rental quality using Cushman and Wakefield’s proprietary information. The 27th release of the report demonstrates that leases have ascended in 35 percent of boulevards around the globe – in spite of the expanded worldwide vulnerability experienced in the course of recent months. The report additionally incorporates a positioning of the 65 most costly avenues – the main one for each nation.
At the end of the day, New York’s Fifth Avenue held its position as the most costly worldwide retail store. By the second quarter of 2015, rents came to US$3,500/sq. ft., an increment of 3.6 percent year over year and 46 percent over the second-set Causeway Bay in Hong Kong (US$2,399/sq. ft./year).
Seven of the Top 10 most costly urban areas in the Americas are in the United States, with Toronto, Rio de Janeiro and Vancouver at 6th, seventh and eighth, respectively. Seattle posted the most noteworthy rent development in the U.S., up 27.3 percent to $70 per sq. ft., while Los Angeles’ Rodeo Drive hall posted the most astounding retail leases outside New York at $800 per sq. ft., a 23 percent expansion. Solid tourism and an energetic neighbourhood economy make San Francisco’s Union Square a business sector to watch with its 1.1 percent opportunity, $650 per sq. ft. rents and 13 percent rent development, which takes after 21 percent rent development for the same period through mid-2014. So also, Chicago’s Michigan Avenue posted 8.2 percent rent development with normal retail leases of $525 per sq. ft.