Luxury urban retail is still a pretty good place to be,according to a recent CB Richard Ellis report looking at rentalrates on major corridors in the Americas.

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Of 13 cities examined, only two faced year-over-year declines inrent. Manhattan's Fifth Avenue continues to charge the most, withthe average rent at $1,650 this summer, up 6.2%. The biggest gainerover last year was MasarykAvenue, in the Palanco section of Mexico City, whichposted a 15.4% uptick.

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Beverly Hills' Rodeo Drive, the best-known glitzy retail streeton the West Coast, didn't fare so well, though, with a 15% decline.BloorStreet in Toronto also took a hit, falling 8.3% due tomajor renovations.

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US retail centers of note included in the report were UnionSquare in San Francisco (up 9.4%); Boston's Newbury Street (up9.1%); M Street in Georgetown, Washington DC (up 8.8%); KalakauaAvenue, in Honolulu (flat); and Chicago's Michigan Avenue(flat).

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How is upscale urban retail holding up in your locale? Does itseem to be riding out the recession or are you seeingvacancies?

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