Retail rent on New York City’s Fifth Avenue are the most expensive in the world and, at US$3,500 per square foot are 22.22 times that of Vancouver’s priciest retail strip, Robson Street, according to a new Cushman Wakefield study.
The global real estate firm pegged the average Robson Street retail rent at $210, or about US$157.50.
That makes Robson Street the second priciest retail strip in Canada and about 35% less than Bloor Street in Toronto.
“Although e-commerce has grown rapidly over the last 10 years, permanently altering many industries (bookselling, music, travel, banking), it still represents a relatively small proportion of overall retail sales,” Cushman Wakefield noted in its report.
“As such, physical stores still remain an important part of retailing as they offer the ability to interact with the merchandise, instant gratification for consumers, personal service and professional guidance, and thus experiential and entertaining stores will increasingly compete for customers.”
Hong Kong’s Causeway Bay had an average retail rent of US$2,399.20 per square foot and is the world’s second priciest retail strip. Paris’ iconic Champs Elysees, with an average rent of US$1,372.10, ranked No. 3.
Here is a list of the world’s 10 priciest retail strips:
Cushman Wakefield found that, in Canada, prime high street rents were unchanged over the past year. However, as vacancy rates gradually tighten across most markets, a return to growth is anticipated in the medium term, its report noted.
Here is its list of the priciest retail strips in Canada:
