Luxury urban retail is still a pretty good place to be, according to a recent CB Richard Ellis report looking at rental rates on major corridors in the Americas.
Of 13 cities examined, only two faced year-over-year declines in rent. Manhattan's Fifth Avenue continues to charge the most, with the average rent at $1,650 this summer, up 6.2%. The biggest gainer over last year was Masaryk Avenue, in the Palanco section of Mexico City, which posted a 15.4% uptick.
Beverly Hills' Rodeo Drive, the best-known glitzy retail street on the West Coast, didn't fare so well, though, with a 15% decline. Bloor Street in Toronto also took a hit, falling 8.3% due to major renovations.
US retail centers of note included in the report were Union Square in San Francisco (up 9.4%); Boston's Newbury Street (up 9.1%); M Street in Georgetown, Washington DC (up 8.8%); Kalakaua Avenue, in Honolulu (flat); and Chicago's Michigan Avenue (flat).
How is upscale urban retail holding up in your locale? Does it seem to be riding out the recession or are you seeing vacancies?
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
