Tverskaya in the twenty most expensive streets in the world
05.09.2011 3828

Tverskaya in the twenty most expensive streets in the world

Despite the turbulent economic environment and depressed consumer sentiment in most countries, retail real estate markets around the world have shown strong growth over the year, according to a report prepared by Cushman & Wakefield. In the report "Major shopping streets of the world" in most of the countries considered (81%), rental rates on the main shopping streets have increased or remained unchanged over the year (since June 2010). Only 20% of countries experienced a drop in rates, for comparison, last year, a drop in rates occurred in 34% of countries. 

The report shows the dynamics of rental rates for premises on 278 shopping streets of 63 countries and includes a rating of the most expensive streets in the world. 

Fifth Avenue in New York, where rental rates rose by 21,6%, remains the most expensive shopping street in the world for 10 years in a row (16,704 euros per sq. M. Per year) Causeway Bay in Hong Kong (14,426 euros per sq. M.) m per year) and Ginza in Tokyo (7,750 euros per sq. m per year) retained their positions in second and third places, respectively.
Pitt Street Mall in Sydney, Australia, moved up from 9th to 4th place (€ 7,384 per sqm per year). Such a sharp change in the rating is due to a large redevelopment that was carried out on the street, which resulted in a 33,3% increase in rates. Despite the fact that rental rates on London Bond Street rose by 4,3%, it failed to maintain its fourth place in the ranking, and it dropped to 6th place (.6,901 euros per sq. M per year). The most expensive street in Europe was the Champs Elysees in Paris, where rates rose by 5,3% (.7,364 euros per sq. M per year). For comparison, last year rental rates on this street fell by 9,5%. 

As in the previous year, the largest increase in rates was observed in Asia, the Pacific region and Latin America. In Beijing, rental rates on Wangfujing Street rose by a record 109,5%. In Latin America, Garcia D'avilla in Rio de Janeiro was the fastest growing street with 52,2% growth.  

Compared to such dynamics, European growth of 1,9% looks more than modest, lower indicators only in the Middle East and Africa. However, compared to last year, when the average rate fell by 4,2% in Europe, the situation does not look so bad. The highest growth in rates in Europe was recorded in the center of Helsinki and amounted to 33,3%.

The most expensive street in Russia remains Tverskaya. This year she climbed from 15 to 14 place with an average rental rate of 3104 Euro per sq.m. in year. At the same time, despite the fact that rates on the most expensive street in Russia increased by 28,6% (the second figure after Helsinki in Europe and tenth in the world), Tverskaya did not get into the top ten most expensive streets in Europe, where all the places are occupied by the streets of Paris, London, Milan (6,800 Euro per sq. M per year), Rome and Zurich (6,553 Euro per sq. M per year).

Despite the unstable economic situation and the depressed mood of consumers in most countries, retail real estate markets around the world showed strong growth for the year, the report said ...

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