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.
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.
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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 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.