US Leads Globe in Retail Rents
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Spiegelman predicts more retail expansion.
CHICAGO—Global uncertainty hasn’t put the brakes on rent growth for the world’s top retail streets, Cushman & Wakefield says in its annual report on the sector, which notes that 35% of these corridors have seen rent increases in the past 12 months. The report cites “improving employment prospects, rising real wages and healthier consumer confidence in advanced economies” as spurs to positive momentum for retail in the next year.
New York City’s Upper Fifth Avenue once again tops the rankings for the world’s most expensive retail corridors. Its average of $3,500 per square foot is 46% higher than second-place Causeway Bay in Hong Kong, which averaged US$2,399 per square foot at the end of the second quarter. Moreover, the Asia-Pacific region on the whole has seen downward pressure on rents due to weakening sales…
