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Luxury retailers are still willing to pay top dollar for prime retail space in the world's most expensive markets. Global prime rents were up by 3.7% in Q2, according to a recent CBRE report.
New York remains the most expensive retail market in the world, with rents on Fifth Avenue between 56th and 58th streets as high as $4k/SF. Markets in Hong Kong, London and Paris follow New York with the most expensive retail rents in the world. Regionally, prime rents have grown by the most in Europe, the Middle East and Africa, up by 6.9% year-over-year compared to the Americas 3.9% increase.
"Luxury retail is a very global business. One of the trends we’re seeing is strong markets are getting stronger," CBRE head of research in the Americas Spency Levy tells Bisnow. "The global consumer is very saavy and is prepared to travel where they’re going to get the best value."
Below are the top 10 most expensive prime retail markets in the world as of Q2, according to CBRE.
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1) New York
Fifth Avenue
$4k/SF
2) Hong Kong
Russell Street
$1,856/SF
3) London
New Bond Street
$1,684/SF
4) Paris
Avenue des Champs-Elysées
$1,366/ SF
5) Tokyo
Chuo Dari
$1,311/SF
6) Sydney
Shopping Center
$1,003/SF
7) Zurich
Bahnhofstrasse
$906/SF
8) Singapore
Shopping Center
$857/SF
9) Beijing
Shopping Center
$827/SF
10) Guangzhou
Shopping Center
$805/SF
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