Seattle -- The global retail real estate market rebounded in the first half of the year, with international and luxury brands expanding to new markets and high street properties growing in popularity, according to a new report from Colliers International. Fifth Avenue in Manhattan claimed the highest rent, at $3,052 per square foot, followed by Hong Kong’s Queen's Road Central ($2,086) and Canton Road, Tsim Sha Tsui ($1,993), London’s Old Bond Street ($1,520) and Manhattan’s Madison Avenue ($1,325).
“We're seeing luxury brands build a strong presence in sought-after shopping districts like Pitt Street Mall in Sydney and Regent Street in London, while international brands are opening new flagship stores in high-traffic locations," said Solomon Ets-Hokin, chair of retail services at Colliers International. "Many well-recognized brands, such as Apple, Zara, Topshop and Victoria's Secret, are taking advantage of increased consumer spending, especially among tourists.”
According to Collier’s 2013 Global Retail Highlights Report, popular retail destinations in major U.S. metro areas are seeing big increases in rents. In New York, rents on Fifth Avenue increased by 11% from the previous year. In Las Vegas, rents on the Boulevard increased by 25%. Philadelphia's Walnut Street had the fastest-rising rent, growing nearly 34% in the past year.