Prime retail rents across the globe rose by an average of 2.4% in the 12 months to September 2014, with recovery being sustained but at an overall slower rate. Volatile and somewhat subdued economic activity affected some markets, while structural changes impacted on others. However, despite a more constrained rental growth rate, 277 of the 330 locations surveyed were either static or increased over the year.
Highlights for 2014-2015
New York’s Upper Fifth Avenue – where rents reached a record $3,500 per sq ft per year – is the world’s costliest retail destination, with Hong Kong’s Causeway Bay seeing a 6.8% fall in rents and edging down into second spot
Paris saw 6% overall growth but there was no change to rental values in the Champs-Élysées after a 40% rise last year – the street ranks third on this occasion
London’s New Bond Street retains fourth position where rents rose by 4.2%
Pitt Street Mall in Sydney completes the top five, with the location surging up three places as it recorded an increase of 25%
Prime retail rents across the globe rose by 2.4% in the 12 months to September 2014
The Americas showed the strongest regional growth with prime rents increasing by 5.8%, the same figure as last year, while EMEA saw a modest 1.3% rise and Asia Pacific witnessed a 3.6% uplift