Madison Avenue in New York has overtaken Hong Kong’s Causeway Bay as the world’s most expensive retail location. Oxford Street has moved up from fourth to third place, following a 25% jump in rents during the last 12 months.
More than half of the 193 locations included in Healey & Baker’s Main Streets Across The World survey have seen rental growth. Paris, Munich, Athens and Zurich have moved up within the top 10, while Moscow, Tokyo and Singapore have slipped backwards.
The economic woes in Asia have depressed rents, which have fallen by 20% throughout the Asia-Pacific region. The exception to this trend is Australia.
Healey & Baker’s annual survey ranks 39 countries according to the rent achieved on a prime high street unit in that country’s top location. The top 10 rents range from $5,920 per sq m a year on Madison Avenue, to $2,011 per sq m a year on The Ginza in Tokyo.
The survey finds that there has been a 30% increase in the number of Europe-wide active requirements from crossborder retailers. The most popular destination is still the UK, followed by France, Germany, Spain and Belgium.
EGi News 13/11/98
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