US High Streets in Strong Position
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669 N. Michigan Ave. in Chicago recently fetched $295 million
CHICAGO—The recent purchase of three buildings on the 600 block of Chicago’s N. Michigan Ave. for $295 million byMeyer Bergman is just the latest example of how valuable high street retail has become. According to Main Streets Across the World, a recent global report by Cushman & Wakefield, rental rates on these properties in the US surged 6.9% in just the last year, whereas for the Americas overall rents increased only 2.7%.
“It’s apparent that the US has performed much better than the other market areas,” Gene Spiegelman, vice chairman and head of retail services, North America at C&W, tells GlobeSt.com. Europe was experiencing setbacks even before the recent terrorist attacks, he says, and “Brazil is in recession at this point.” …
