Los Angeles -- A report released Tuesday by CBRE Group said that New York City remains the world’s most expensive shopping destination as retailers focus on the major fashion capitals.
“Retailers continued to expand their store networks to gain market share during the third quarter despite concerns regarding consumer confidence,” said Anthony Buono, CBRE executive managing director of retail services.
In particular, said Buono, Asia has seen significant levels of occupier demand in destinations such as Singapore, China and India, while retailers in the U.S. and Western Europe have generally remained more cautious.
New York’s Fifth Avenue remains the world’s most expensive shopping destination, with rents remaining constant at $1,900 per sq. ft. per annum. The CBRE survey of the world’s most expensive global retail cities saw little change in third quarter 2011 compared with the previous quarter. Hong Kong ($1,695 sq. ft. per annum) remained the second-most-expensive retail market, with annual rents in 2011 rising by 52.8%.
Sydney retained third in the rankings, while London moved up one position to fourth.