New York's retail rental prices unsurpassed

New York's retail rental prices unsurpassed

New York's Fifth Avenue is the world's most expensive shopping street: retailers have to pay nearly 4.5 million euro in rent on a yearly basis for a 150 sqm store at its most expensive spot. New York regains the top spot as Hong Kong prices dropped.

New York trumps Hong Kong

Causeway Bay, located in Hong Kong, has lost its first place to New York as its rental prices dropped 6.8 %. Upper Fifth Avenue's rental prices have reached record heights, at 29,822 euro per square meter per year.

 

The Avenue des Champs-Elysées (Paris) is number three, although it stabilized its prices after its rental prices skyrocketed last year (+ 38.5 %). New Bond Street (London) stayed put at number 4, although its prices went up 4.2 %. Sydney has overtaken Tokyo at number 5, thanks to a 25 % price increase.

 

Belgium and The Netherlands lose a spot

In Belgium, the highest rental prices are found on the Nieuwstraat (Brussels) and the Meir (Antwerp): for a 150 sqm store, rental potential reaches 1,750 euro per sqm, which is 262,500 euro per year for the whole store. Those numbers put Belgium 35th in Cushman & Wakefield's 2014 world ranking, dropping one place.

 

"Rental prices have dipped considerably because of the recent crisis, but Belgian retail real estate has managed to hold steady", Cushman & Wakefield's Thierry Debourse said. He only sees a "slight correction" which started in 2013, "as retail turnover has come under pressure in Belgium as well. Other countries, like the exotic Vietnam, may pass us in the worldwide ranking, but Belgian retail real estate remains the most desirable real estate branch here."

 

The Kalverstraat (Amsterdam), like both Belgian shopping streets, loses a spot. The most expensive shopping street in the Netherlands, is now 18th. It can charge up to 2,900 euro per square meter per year.

Questions or comments? Please feel free to contact the editors


Hudson's Bay defends itself and adds cheaper brands

27/12/2017

Hudson's Bay is on track in the Netherlands, the company’s marketing director Edo Beukema states after a lot of criticism. He says there is no truth to the rumour the department store chain is planning to leave, but it will adjust its marketing approach and pricing.

Unibail-Rodamco acquires competitor Westfield

12/12/2017

Unibail-Rodamco acquired its competitor Westfield for 14 billion euro and will gain control over 35 shopping center (33 in the United States). The resulting company will become the world’s largest real estate company.  

Mitiska REIM announces two new retail parks in Romania

29/11/2017

Mitiska REIM has announced the opening of two new retail parks in Romania. The new additions consolidate Mitiska REIM’s position as the leading retail park investor in Romania, with 21 sites across the country.

Mitiska Reim buys its first French retail park

06/11/2017

Belgian real estate firm Mitiska Reim will enter the French retail market with its recent acquisition of a retail park near Caen. It has been an eventful year so far, with acquisitions in Germany, Romania and Spain as well. 

Delhaize is highlight of new shopping center in Luxembourg

07/09/2017

Shopping center Borders has just opened its doors, right near Schengen. The largest Delhaize store in the Grand Duchy of Luxembourg is its major attraction and should house about two dozen retailers in the near future.

Mitiska Reim acquires its first German retail park

06/09/2017

Belgian real estate firm Mitiska Reim bought a retail park in the German city of Mönchengladbach. It was a collaboration with Luxembourg Investment Group and the group’s first German acquisition.

Back to top