New York Retail Rents Second Highest in the World
According to CBRE’s global rankings, retail rents in New York are the second most expensive on the globe, second only to Hong Kong. During the second quarter of 2013, Hong Kong’s retail rents reached $4,328 per square feet per year. The city has the highest representation of luxury retailers in global markets, with 51 new retailers opening stores in the last year.
“Global retailers continue to desire premier retail locations in gateway cities because of the global shoppers those corridors attract and the value delivered for brand visibility,” said Anthony Buono, executive managing director of Americas Retail Services at CBRE, in a statement.
Retail rents in New York averaged $3,050 per square foot. During the last year, New York’s prime shopping corridor on Fifth Avenue saw a 22% jump in retail rents. That strip, which stretches between Saks Fifth Avenue at 49th Street and the Apple store on 59th Street, is still the place to be for brands hoping to cash in on the droves of tourists visiting the area.
“New York is still the shopping capital even if you’re a no-name retailer,” said Faith Consolo, executive chairman of retail leasing at Douglas Elliman. “You want to come to this market because you have the opportunity to really grow a brand—this is the city where brands are made.