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 49^th and 59^th 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 11^th 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 41^st in 2005, it climbed 17 places last year to 24^th and this year climbed again to become the 16^th 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

Ranking 2007	Ranking 2006		Country		City		Location		Euro/m²/ month/ gross
1	1		USA		New York		5th Avenue		999
2	2		Hong Kong		Hong Kong		Causeway Bay		807
3	3		France		Paris		Avenue des Champs Elysées		614
4	4		UK		London		New Bond Street		542
5	5		Japan		Tokio		Ginza		455
6	6		Ireland		Dublin		Grafton Street		445
7	7		Switzerland		Zurich		Bahnhofstrasse		327
8	8		Australia		Sydney		Pitt Street Mall		325
9	10		Greece		Athens		Ermou		300
10	9		South Korea		Seoul		Gangnam Station		287
11	=10		Germany		Munich		Kaufingerstraße		260
12	=14		Italy		Milan/Rome		Via Montenapoleone/ Via Condotti		250
13	12		Spain		Madrid		Preciados		240
14	13		Singapore		Singapore		Orchard Road		216
15	17		Austria		Vienna		Kärntnerstraße		200
16	24		India		New Delhi		Khan Market		186
=17	16		Denmark		Copenhagen		Strøget		186
=17	15		Russia		Moskow		Tverskaya		186
19	20		China		Beijing		Wanfujing		178
20	18		Czech Republic		Prague		Na Prikope/ Wenzelsplatz		170
=21	21		Netherlands		Amsterdam		Kalverstraat		167
=21	19		Norway		Oslo		Karl Johan Gate		167
23	27		Malaysia		Kuala Lumpur		Suria KLCC		139
24	26		Brazil		São Paulo		Iguatemi Shopping		133
=25	22		Canada		Toronto/ Vancouver		Bloor Street/ Robson Street		132
=25	23		Belgium		Brussel		Rue Neuve		132
27	25		Finland		Helsinki		Stadtzentrum		125
28	=28		Hungary		Budapest		Váci utca		120
29	32		New Zealand		Wellington		Lambton Quay		119
30	30		Romania		Bucharest		Bulevardul Magheru		115
31		31		Sweden		Stockholm		Biblioteksgatan		109
32		=28		Bulgaria		Sofia		Vitosha Blvd		100
33		33		Turkey		Istanbul		Abdi Ipekci (europ. Seite)		98
34		34		Taiwan		Taipei		ZhongXiao E. Road		92
35		36		Israel		Tel Aviv		Ramat Aviv		89
36		=38		Poland		Warsaw		ul. Chmielna/ul. Nowy Swiat		80
37		n/a		Lebanon		Beirut		ABC Centre Achrafieh		77
=38		35		Portugal		Lisbon		Baixa		75
=38		=38		Slovakia		Bratislava		Innenstadt		75
40		41		Thailand		Bangkok		Stadtzentrum		58
41		40		South Africa		Johannesburg		Sandton City		54
42		42		Mexico		Mexico City		Mazaryk/Perisur		46
43		37		Argentina		Buenos Aires		Avenue Santa Fe		30
44		46		Philippines		Manila		Makati CBD		19

Quelle: Cushman & Wakefield 2007

Germany’s most expensive shopping destinations,
summer 2007

		€/m²/month (gross)
Munich	Kaufingerstraße	260
Frankfurt	Zeil	225
Stuttgart	Königstraße	210
Cologne	Schildergasse	205
Berlin	Tauentzienstraße (South)	200
Dusseldorf	Königsallee	200
Hamburg	Mönckebergstraße	195
Leipzig	Peterstraße	115
Dresden	Pragerstraße	100

Source:Cushman & Wakefield 2007

The most expensive shopping destinations
in the Germany-speaking area

		€/gross/m²/month
Zurich	Bahnhofstrasse	327
Munich	Kaufingerstraße	260
Frankfurt	Zeil	225
Stuttgart	Königstraße	210
Cologne	Schildergasse	205
Berlin	Tauentzienstraße (Süd)	200
Dusseldorf	Königsallee	200
Vienna	Kärntnerstraße	200
Hamburg	Mönckebergstraße	195
Geneva	Rue de Rhone	176
Basel	Freiestrasse	141
Bern	Marktgasse/Spitalgasse	130
Vienna	Mariahilferstraße	120
Leipzig	Peterstraße	115
Dresden	Pragerstraße	100
Graz	Herrengasse	85
Salzburg	Getreidegasse	85
Linz	Landstraße	70
Innsbruck	Maria Theresienstraße	50

Quelle: Cushman & Wakefield 2007

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