Retail property sales worldwide experienced a year-over-year skid through June of 54 percent, but deals involving high-street assets–including single shops, department stores and urban malls in central business districts–were a silver lining, according to Real Capital Analytics Inc.\u2019s latest global capital trends report, \u201cInvestment Market Erosion Spreads and Intensifies.\u201d Sales of those properties took a plunge, but the decline clocked in at 25 percent, still markedly better than the sector\u2019s aggregate percentage drop, for a total of $15 billion in high-street sales. Comparing June 2008 to the same period one year ago, Tokyo realized the highest average price per square foot–$2,849. Tokyo\u2019s closest competitor, New York City, was a ways off, with $1,506 per square foot, trailed by London at $1,471 per square foot. London, however, pulled in the heftiest sales volume of high-street retail properties with $3.4 billion, followed by Hong Kong with $3.2 billion and Tokyo and the New York City metro area, each netting $28 billion in high-street retail sales. Interestingly enough, though, average cap rates among cities with the strongest sales volume and square-footage price tags were just 30 basis points apart, but cap rates and pricing for CBD office experienced bigger discrepancies, according to the report. It\u2019s not smooth sailing just yet, though. \u201cThe global economic downturn, combined with the growth of U.S.-style malls, will erode high street strength, especially on celebrated shopping streets such as Old Bond Street, Fifth Avenue or the Ginza,\u201d the report said<\/p>\n","protected":false},"excerpt":{"rendered":"
Retail property sales worldwide experienced a year-over-year skid through June of 54 percent, but deals involving high-street assets–including single shops, department stores and urban malls in central business districts–were a silver lining, according to Real Capital Analytics Inc.\u2019s latest global capital trends report, \u201cInvestment Market Erosion Spreads and Intensifies.\u201d Sales of those properties took a…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003873775","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n