The Avenue des Champs-Elysées in Paris is the most expensive retail location in Europe for the second year running, according to the latest European Retail Rents report by ATIS REAL.
Although prime rents in Paris fell overall this year the city was still achieving rents of €6,300 (£4,382) per sq m for a standard 120 sq m.
This compares with €5,760 (£4,006) per sq m in Oxford Street, where although rents have remained stationary in local currency terms, they have increased as the pound has appreciated against the euro.
Dublin followed Paris and London in the top most expensive shopping cities in Europe, overtaking Madrid and Munich.
A stagnating economy in German meant that most of its cities performed worst in the league table, with rents in Berlin and Hamburg falling by more than 10%. The exception was Munich, where rents increased by 7%.
Mark Willis-Williams, chairman of ATIS REAL’s international retail group, said: “The overall picture is one of rental growth across Europe, backed by growth in consumer expenditure. The exception to this trend is Germany, which also stands out because of its lack of a house price boom.”
He added: “The biggest fear is that a levelling of house prices in other European centres could trigger a sharp slowdown in spending.”
References: EGi News 16/11/04
