Are you dreaming of Paris?
The Avenue des Champs-Elysees in Paris is the most expensive street to lease a retail store this year according to real estate research firm Colliers International. Paris has edged out New York City’s Fifth Avenue whose annual rent had fallen by 11% to $1,250 per square foot. Europe still has the most number of expensive shopping streets with six making Colliers’ top ten list.
Ten Most Expensive Shopping Streets in the World
1. Paris – Champs Elysee $1,256 up 2%
2. New York – Fifth Avenue $1,250 down 11%
3. Hong Kong – Russell Street, Causeway Bay $1,205 up 1%
4. London – Bond Street $1,174 up 52%
5. Milan – Via Monte Napoleone $929 down 1%
6. Sydney – Pitt Street Mall $769 up 71%
7. Zurich – Bahnhofstrasse $728 up 19%
8. London -Oxford Street $720 up 28%
9. Rome – Rome City Center $628 down 4%
10. New York – Madison Avenue $590 down 21%
Source: Colliers Int’l (USD per square foot per year)
The global economy looks to pick up. Colliers predicts “retailers with a strong balance sheet are quickly gaining confidence to expand into markets previously viewed as too expensive.” The luxury sector is to expected to be very promising long-term especially with “the emergence of a sizeable middle class in Asia Pacific, the Middle East and central and eastern Europe and these ‘aspirational’ consumers will be a key source of growth for many luxury retailers.”
photo credit: buggolo