Retail rents in the UK have risen 6% in the last year propelled by increases in London.
Luxury locations such as New Bond Street, where values surged 15.6%, and Sloane Street attracted “phenomenal interest from” occupiers, according to new research from Cushman & Wakefield.
The study showed on average there are around 10 international brands competing for each store in the capital.
Hong Kong’s Causeway Bay remains the world’s costliest retail location for the second year running and broke through the $3,000 per sq ft barrier for the first time in the 25-year history of Cushman & Wakefield’s annual survey.
New York’s Fifth Avenue and the Avenue des Champs-Élysées in Paris, which saw nearly a 40% rental rise, hold on to second and third place respectively.
The research marks the first day of international property convention Mapic in Cannes, France.
The World’s 10 most expensive retail locations in each country 2013
| Rank 2013 | Rank 2012 | Country | City | Location | USS/SQ. FT/Year | €/SQ.M/Year | % Change in local measure |
|---|---|---|---|---|---|---|---|
| 1 | 1 | Hong Kong (China) | Hong Kong | Causeway Bay | 3,017 | 24,983 | 14.7% |
| 2 | 2 | USA | New York | 5th Avenue | 2,500 | 20,702 | 0.0% |
| 3 | 3 | France | Paris | Avenue des Champs-Elysees | 1,601 | 13,255 | 38.5% |
| 4 | 6 | UK | London | New Bond Street | 1,047 | 8,666 | 15.6% |
| 5 | 4 | Japan | Tokyo | Ginza | 984 | 8,152 | 7.4% |
| 6 | 8 | Italy | Milan | Via Montenapoleone | 906 | 7,500 | 7.1% |
| 7 | 7 | Switzerland | Zurich | Bahnhofstrasse | 874 | 7,236 | 2.3% |
| 8 | 5 | Australia | Sydney | Pitt Street Mall | 850 | 7,042 | 0.0% |
| 9 | 9 | South Korea | Seoul | Myeongdong | 732 | 6,063 | 6.4% |
| 10 | 11 | Austria | Vienna | Kohlmarket | 536 | 4,440 | 8.8% |
Scroll to see the full table or click on the link on the right.
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