Thursday, June 9, 2011

The world’s most expensive retail rents

    Louis Vuitton The Landmark Hong Kong 468x281 The worlds most expensive retail rents

    As a shopping destination, Hong Kong has over the past decade charted a course towards the very high-end in brands — and it seems retailers are now paying a very expensive price for the trend.
    With a 46 percent rise in rents, quarter on quarter, Hong Kong is now second only to New York in terms of what tenants pay for retail locations across the city.
    Hong Kong last year surpassed Sydney as the second-most expensive city in the world, with the average cost being paid now hitting US$1,687 per square foot per year according to global commercial property company CB Richard Ellis.

    New York still tops the charts with rents at US$1,900 but Hong Kong seems intent on closing the gap as the world’s leading brands continue to set up shop all over town.

    Abercrombie and Fitch 468x310 The worlds most expensive retail rents

    Local media here have reported that even US casual retailer Abercrombie & Fitch has gotten in on the act and is paying HK$7.5 million (US$964,000) a month for a shop in downtown Central that’s estimated to cover around 12,000 square feet. It has up until now been occupied by high-end clothing company Shanghai Tang.
    The fact that Hong Kong is the favorite shopping destination for mainland China plays a significant role in the demand for retail space here — a record 22.7 million arrived during 2010 and April saw 2.1 million cross the border.
    Overall, retail rental rates grew 3.8 percent globally, year on year, according to CBRE.

    pedder street hong kong The worlds most expensive retail rents

    The world’s most expensive retail rents
    (US$/sq ft per annum)
    1. (1) New York 1,900
    2. (3) Hong Kong 1,697
    3. (2) Sydney 1.301
    4. (4) London 909
    5. (6) Zurich 829
    6. (5) Tokyo 807
    7. (7) Paris 783
    8. (8) Brisbane 753
    9. (9) Moscow 721
    10. (10) Melbourne 691
    11. (11) Guangzhou 575
    12. (12) Los Angeles 520
    13. (14) Milan 500
    14. (16) Munich 490
    15. (13) Chicago 480
    16. (15) Singapore 470
    17. (17) Rome 461
    18. (18) Beijing 449
    19. (19) Frankfurt 442
    20. (23) Shanghai 414


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