Is the rent “Too Damn High?”
Prime retail rents around the world are stabilizing after rough rides, rollercoaster style, in 2008 and 2009.
Recently some quite remarkable transactions have taken place around the world and in NYC, which is always a good sign regarding the economy.
Notably, 666 Fifth Avenue saw a record breaking leasing transaction with the soon to open UNIQLO store, a record purchase with the INDITEX/ZARA deal for a flagship store and a more conventional lease with the just announced SWATCH retail deal.
NYC surely remains a magnet for international retail brands, and they are paying premium dollars for it.
If you think that the retail rents in NYC are “too damn high” you might be kind of right, but being #1 in the world is priceless.
Peter Videv is a Senior Advisor with Sperry Van Ness.
Retail rents around the world for prime retail streets: 5th Av. in NYC, Champs-Elysees in Paris…
| Rank | City | $/SF/Year |
| 1 | New York | 1,800 |
| 2 | Sydney | 1,218 |
| 3 | Hong Kong | 1,113 |
| 4 | London | 891 |
| 5 | Tokyo | 804 |
| 6 | Paris | 798 |
| 7 | Zurich | 757 |
| 8 | Moscow | 715 |
| 9 | Brisbane | 705 |
Peter Videv's Blog 