Proving the resilience of retail
As the world continues to emerge from the impacts of the global pandemic, prime retail destinations have continued their rebound, recording mostly positive rental growth over the past year. Globally, rents rose by an average of 4.8% over the past 12 months, an increase over the 3.7% growth shown in the previous year. The U.S. slowed from 17.0% last year, which was driven by supportive fiscal policies, to a more sustainable 3.2%.
UPPER FIFTH AVENUE RANKS #1
New York’s Upper Fifth Avenue retains its top ranking as the world’s most expensive retail destination. Other U.S. cities topping the list include New York’s Madison Avenue and SoHo, Rodeo Drive in Beverly Hills, and Honolulu’s Kalakaua Avenue. Read the report to view the full rents and rankings.
Throughout the report, we also share key indicators and trends to watch, including cost of living increases, retailers’ increased focus on sustainability and shopper experience, changes in e-commerce, and more.
We hope you find the report informative. To discuss your retail opportunities and challenges, reach out to our Americas Retail contacts below: