Even with a 25 percent decline in rents over the last year, New York City still has the priciest retail market in the world, according to a third-quarter worldwide retail market report from CB Richard Ellis. Prime Real Estate rents are $1,640 per square foot, with Hong Kong and Paris coming in as the second and third most expensive locations.
According to Anthony Buono, the executive managing director of CBRE retail services in the Americas, the report showed stability in the higher-end retail markets, with traditionally pricey markets, like New York City, holding on to their top positions. “Prime rents in premier locations are showing signs of stability as the best locations in the best markets continue to attract a variety of retailers,” he said. “There is increasing differentiation between the ‘best and the rest.'”
Via: The Real Deal