THE WORLD'S MOST EXPENSIVE STREETS 2006

Dublin's Grafton Street, is the sixth most expensive street in the world

Grafton Street, is a narrow street linking Ireland's oldest university Trinity College and St. Stephen's Green, which has a public park. The street would almost get lost in Paris' Avenue des Champs Elysées.
New York's Fifth Avenue has retained its top position as the world's most expensive shopping street in the world, according to Main Streets Across the World 2006, an annual report by Cushman & Wakefield, the world's largest privately held real estate services firm.  

An average 1,000 sq ft/93 sq m unit on Fifth Avenue, at its most expensive stretch near the junction with 57th Street, now costs around US$1.35mn a year.

Gene Spiegelman, Executive Director of Cushman & Wakefield in New York, comments: "The world's top brands are jostling for position in this prime stretch of retail. This is not just about sales at the till, but about the brand value of retail real estate. In a world of advertising 'clutter', we see companies increasingly leveraging their brands through real estate and Manhattan's Fifth Avenue is a prime example of this trend."

The trend-setting Abercrombie & Fitch flagship store at 56th Street and Nokia's flagship on East 57th Street, which follows Apple Computer's success at Fifth Avenue and 59th Street, as consumers continue to pursue advances in technology and communication, are among this year's most high-profile openings on Fifth Avenue. Waiting in the wings is what may be the world's highest value retail lease - that of the former Asprey store at Trump Tower at 56th Street.

Main Streets Across the World 2006 tracks retail rents in the world's top 233 shopping locations across 47 countries around the world. The report's global league table is drawn up by taking the most expensive location in each of the countries monitored.

John Strachan, Cushman & Wakefield's Global Head of Retail, says: "Shopping is a global activity – from the main streets of Buenos Aires, to New York, Paris and New Delhi. Worldwide, the sector has seen a vibrant year, with new store openings, new formats, retailers entering new markets, in particular the emerging markets, and existing schemes being refurbished in more developed markets to cater for evolving consumer and occupier demand."

THE WORLD'S MOST EXPENSIVE SHOPPING STREETS

Ranking

2006

Ranking

2005

Country

 

City

 

Location

 

€/sq m

/year

US$/sq ft

/year

1

1

USA

New York

5th Avenue

11,364

1,350

2

2

Hong Kong

Hong Kong

Causeway Bay

9,544

1,134

3

3

France

Paris

Avenue des
Champs Elysées

6,775

805

4

4

UK

London

New Bond Street

5,667

673

5

5

Japan

Tokyo

Ginza

5,486

652

6

6

Ireland

Dublin

Grafton Street

4,496

534

7

10

Switzerland

Zurich

Bahnhofstrasse

3,517

418

8

7

Australia

Sydney

Pitt Street Mall

3,294

391

9

8

South Korea

Seoul

Myeongdong

3,169

376

=10

9

Germany

Munich

Kaufingerstraße

3,000

356

=10

12

Greece

Athens

Ermou

3,000

356

Source: Cushman & Wakefield

 The world ranking sees little movement at the top, with Hong Kong (Causeway Bay) retaining its second place and Paris (Avenue des Champs Elysées) its third place. The biggest riser is the Indian capital of New Delhi, with the most expensive location being Khan Market, having gone up 17 places to now be in 24th place.

Sanjay Dutt, Executive Director for Transaction Services, Cushman & Wakefield in India, says: "The 'organised' retail sector in India is forecast to grow by around 40-45 per cent on an annual basis over the next five years. Currently it has a mere 2 -3 per cent share of the total market, but this is foreseen to grow to up to 12-14 per cent by the end of this decade."

India's retail growth story has been spurred by the country's rapid economic growth and by increasing levels of disposable income, together with a higher consumer awareness towards the Western shopping environment and entertainment trends.

With respect to Khan Market, the most expensive location in India, Sanjay Dutt says: "Branded players look for quality space in a good location, which is exactly what Khan Market offers. This in turn has pushed up rents in the district because of a lack of available space. The area is located in the heart of a premium residential pocket, housing diplomats, industrialists, civil servants and high-net worth individuals, and offers a mix of local and international brands, including Nike, Benetton, Swarovski, McDonald's, Barista and Bandhej, among others."

Other significant risers in the ranking are the Belgian capital Brussels (Rue Neuve), up five places to 23rd, and the Romanian capital Bucharest (Bulevardul Magheru), up six places to 30th, with activity boosted with Romania on track to join the European Union in 2007.

On a regional basis, Asia Pacific has seen the highest rental increases in local currency terms; rents are up 20 per cent in the year to June 2006. India's retail locations have all seen big rental increases, and, adds Sebastian Skiff, Cushman & Wakefield’s Head of Retail in Asia Pacific: "In China, the government has recently approved a significant number of applications by foreign retailers, unlocking the doors for a flood of new retailers entering what is one of the world's most dynamic emerging markets."

Worldwide, rents rose or were stable in 97 per cent of locations monitored, falling in only three per cent. Looking ahead, Darren Yates, Associate, European Research, Cushman & Wakefield, and the report’s author, says: "The demand for modern retail property will continue to grow worldwide, in particular with the opening up of large and increasingly wealthy consumer markets such as India, China, Brazil and Russia, where the demand for consumer goods is growing rapidly together with the need for top-class retailers and high-quality retail facilities."

1. Main Streets Across the World is based on data collected in June 2006 from Cushman & Wakefield’s offices around the world. The data relates to the rent obtainable on a standard unit (frontage of six metres and depth of 25 metres) in a prime pitch.

Click for the Finfacts Main Property Page

Return to Top

 
 
Google
 
Web www.finfacts.com

The Finfacts Guinness Pint Index
The ratio of the price of pint to average earnings

 

Currency Converter


Believe those who search for truth. Doubt those who claim to have found it   -André Gide (1869-1951) Nobel Laureate 1947

 

Finfacts Homepage
Business News Centre
Stocks & Investments
-Share Prices
-Stocks Data/Reports
-Returns
-Property
-Investment Choices

Personal Finance Centre
-Mortgage Rates

-Mortgage Guide
-Life Insurance
-Pensions
-Saving Rates
-Health Insurance
-Travel Insurance

Taxation Centre
-Irish Taxes
-Tax Reports

Employment Issues
-Jobs
-Pay Agreement
-Minimum Wage
-Employment Rights
-Salary Surveys

Economic Indicators
-Irish Economy Reports
-Inflation
-Irish/EU Indicators
-OECD Factbook
-Global Cost of Living

Reports/Comment Index
-Major Business Surveys/Reports
-World Development Issues
-Editorial Comment

EURIBOR Interest Rates
Car Prices
Technology News
Irish Business Links
Business Travel
Price Comparisons
Dublin Financial Services Centre
European Union
Irish State Business Services
-Business Supports
-Grants
-Training
-Procurement
Wines/Restaurants
Site Index
Contact Us

Click for Dublin + Global Weather
Click for Dublin, Ireland Forecast

Copyright© 2005. Finfacts Multimedia Limited