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New York’s Fifth Avenue still the World’s most expensive shopping destination
16 Nov, 2007, Frankfurt
With average gross monthly lease prices of € 999, € 807 and € 614 per m² respectively, retail space in New York’s Fifth Avenue, Hong Kong’s Causeway Bay and Paris’ Champs Elysées this year continues to be the most expensive in the world. According to findings from the latest "Mainstreets Across the World" report by Cushman & Wakefield (C&W), retail lease prices for the most expensive high street in Manhattan have doubled over the past five years. As a result, retailers located between 49th and 59th Street pay an average of € 1.1 million euros per year for 1,000 square feet (93 m²) of space, an 11% increase on last year.
As part of its annual international retail report, C&W looks at all of the World’s major shopping destinations. This year, it looked at 231 locations in 44 different countries. There was little movement amongst the top ten international destinations, the only change being that Athens climbed one spot to ninth, thus swapping places with Seoul.
Kaufingerstraße in Munich, Bahnhofstraße in Zurich and Kärtnerstraße in Vienna are most expensive high streets in the German-speaking countries
Kaufingerstraße in Munich remains Germany’s most expensive retail location with retail space (per m²) currently costing an average of €°260 per month (gross). In the international ranking, Kaufingerstraße has dropped one place since last year, making it the 11th most expensive shopping destination in the World.
Other expensive high streets in Germany include Frankfurt’s Zeil (where monthly leases cost an average of € 225 per m2 (gross)), Stuttgart’s Königstraße (€ 210), Cologne’s Schildergasse (€ 205), Berlin’s Tauentzienstraße (€ 200), Dusseldorf’s Königsallee (€ 200), Hamburg’s Mönckebergstraße (€ 195), Leipzig’s Peterstraße (€ 115) and Dresden’s Pragerstraße (€°100).
Amongst German-speaking nations, the most expensive high street is in Switzerland – Bahnhofstraße in Zurich, where the average monthly lease price stands at € 327 per m2 (gross); in Germany it is Kaufingerstraße in Munich and in Austria it is Kärtnerstraße in Vienna where retail space this year costs an average of € 200 per m² per month (gross).
Khan Market in New Delhi the biggest climber
For the second year running, Khan Market in New Delhi was the biggest climber in the international ranking. Ranking 41st in 2005, it climbed 17 places last year to 24th and this year climbed again to become the 16th most expensive high street in the World.
100% increase in Chicago lease prices
The greatest increase in lease prices was seen in Chicago. Over the past twelve months, lease prices for retail space on Chicago’s East Oak Street have doubled. A similarly significant rise was reported in lease prices for retail space on Ansal Plaza and Connaught Place, New Delhi, which both experienced an 87.5% rise. Ranking fourth amongst the highest price hikes was Nevsky Prospekt in St. Petersburg (81.8%), closely followed by Kemps Corner in Mumbai (78.2%).
The most expensive shopping destinationsin the world 2007
Quelle: Cushman & Wakefield 2007
Germany’s most expensive shopping destinations,
Source:Cushman & Wakefield 2007
The most expensive shopping destinations
Quelle: Cushman & Wakefield 2007
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