A new report ranks the top retail districts across 92 cities around the world and ranks the most expensive by prime rental value.
With an average rent of $2,000 per square foot, Upper Fifth Avenue (49th St. to 60th Streets) in Manhattan took the top spot as the most expensive retail corridor in the world, according to real estate services firm Cushman & Wakefield’s annual “Main Streets Across the World” report. This is the first publication of the Cushman & Wakefield report, which was launched in 1988, in three years.
“The pause seemed appropriate considering the global pandemic and its fallout—the economic uncertainty, community lockdowns, restricted travel, supply chain constraints and a host of other issues impacting retail real estate,” the report stated.
Despite the challenges the industry has faced, Cushman & Wakefield was upbeat about the future of brick-and-mortar retail.
“We can confidently say the industry has just been through one of the biggest stress tests imaginable and retail real estate has come out of the other side not only having survived but emerged as strong as ever in certain segments,” the report stated.