{"id":1004132126,"date":"2015-11-20T08:30:59","date_gmt":"2015-11-20T16:30:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132126"},"modified":"2020-05-12T01:33:44","modified_gmt":"2020-05-12T09:33:44","slug":"fifth-avenue-takes-top-global-retail-crown-again","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fifth-avenue-takes-top-global-retail-crown-again\/","title":{"rendered":"Fifth Avenue Takes Top Global Retail Crown – Again"},"content":{"rendered":"

By Gail Kalinoski<\/em><\/p>\n

\"Saks<\/a>

Saks building on Fifth Avenue in New York, NY.<\/p><\/div>\n

International tourists and other shoppers attracted to the luxury stores that line Manhattan\u2019s Upper Fifth Avenue have helped the stretch between 49th<\/sup> and 60th<\/sup> streets retain the title as the most expensive retail street in the world for the second year in a row.<\/p>\n

In the 27th<\/sup> edition of its Main Streets Across the World report<\/a>, Cushman & Wakefield<\/a> said rents on Upper Fifth Avenue had reached $3,500 per square foot by the second quarter of 2015, an increase of 3.6 percent over last year and nearly 50 percent above second-place Causeway Bay in Hong Kong, which had rent of $2,399 per square foot. Rents are all reported in U.S. dollars per square foot.<\/p>\n

The report tracks more than 500 of the top retail streets around the globe and includes a ranking of the 65 most expensive streets, identifying each country’s most expensive street. One of the report\u2019s key findings is that despite increased global uncertainty over the past year, retail rents rose in 35 percent of the streets around the world.<\/p>\n

One part of the world that did see lower rents was Asia Pacific, due to weaker retail sales and slowing tourism in China in particular. It wasn\u2019t all bad news – the lower rents created incentives for more international luxury brands to move in, the report noted. It also found that high-profile international retailers were also targeting Australia, New Zealand and Metro Manila. And the global commercial real estate services firm was optimistic for the region\u2019s future.<\/p>\n

\u201cThe outlook for Asia\u2019s overall retail market is largely positive, with retail sales growth averaging 8.5 percent over the next five years,\u201d Theodore Knipfing, Head of Retail, Asia Pacific at Cushman & Wakefield, stated.<\/p>\n

Causeway Bay in Hong Kong had a rent of $2,339 per square feet. Two other Asian main shopping streets made the top ten \u2013 The Ginza in Tokyo with $881.9 per square foot and Myeongdong in Seoul at $881.8 per square foot.<\/p>\n

The Avenue des Champs Elys\u00e9es in Paris retained its ranking as the most expensive retail location in Europe, the Middle East and Africa (EMEA), coming in third on the overall list for the second year in a row with rent of $1,372 per square foot. In fact the top four \u2013 Upper Fifth Avenue in New York City, Causeway Bay in Hong Kong, Avenue des Champs Elys\u00e9es and London\u2019s New Bond Street, with rent of $1,321 per square foot \u2013 were in the same positions as last year. Fifth on the list, Via Montenapoleone in Milan, moved up from sixth place with rent of $1,035 per square foot.<\/p>\n

Three other EMEA cities made the top ten list: Bahnhofstrasse in Zurich, sixth with rent of $894.6 per square foot; Kohlmarket in Vienna, ninth with rent of $478.2 per square foot; and Kaufinger\/Neuhauser in Munich, tenth with rent of $459.6 per square foot.<\/p>\n

\u201cFrom an EMEA perspective, despite any economic and political uncertainties in certain countries, the retail market is expected to see further improvements,\u201d said Justin Taylor, Head of EMEA Retail at Cushman & Wakefield. \u201cIndeed, a strong retail sales growth forecast, robust occupier demand and a lack of supply in many locations means rents will keep rising in the most popular high streets.\u201d<\/p>\n

In the Americas, the United States had seven of the region\u2019s top 10 most expensive cities, with Toronto, Rio de Janeiro and Vancouver at sixth, seventh and eighth respectively. Los Angeles’ Rodeo Drive had the highest retail rents outside New York City\u2019s Upper Fifth Avenue, with rent at $800 per square foot, a 23 percent increase over 2014. Seattle had the highest rent growth in the U.S., up 27.3 percent to $70 per square foot. San Francisco\u2019s Union Square, boosted by strong tourism and a vibrant local economy, saw its rents increase 13 percent year-to-year to $650 per square foot and its vacancy at 1.1 percent. Chicago\u2019s Michigan Avenue had a very strong showing with average retail rents of $525 per square foot, up 8.2 percent.<\/p>\n

Toronto\u2019s Bloor Street was Canada\u2019s most expensive with rents at $320 per square foot. Also in Canada, Edmonton\u2019s Whyte Avenue was the most affordable in the Americas with rent at $45 per square foot.<\/p>\n

Gene Spiegelman, vice chairman & head of retail services for North America at Cushman & Wakefield, said the Americas retail markets would have a \u201cpositive trajectory\u201d in 2016, especially in the U.S., where consumers are benefiting from lower energy costs and stable employment expectations.<\/p>\n

\u201cRetailers will continue to add physical stores to support their expansion plans while at the same time optimizing their footprint to respond to the ongoing evolution of \u2018clicks and bricks,\u2019 \u201d he said. \u201cInternational luxury brands will continue to dominate the high street, providing a boost to the key destination cities with high exposure from tourism and strong foot traffic.\u201d<\/p>\n

Photo courtesy of the New York Times<\/a>. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Where are the world\u2019s most expensive retail sites? Cushman & Wakefield ranks their rents.<\/p>\n","protected":false},"author":1068,"featured_media":1004132128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21749],"tags":[],"class_list":["post-1004132126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-retail"],"acf":[],"yoast_head":"\nFifth Avenue Takes Top Global Retail Crown - Again - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fifth-avenue-takes-top-global-retail-crown-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fifth Avenue Takes Top Global Retail Crown - Again\" \/>\n<meta property=\"og:description\" content=\"Where are the world\u2019s most expensive retail sites? 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