London’s New Bond Street, home to designer brands including Mulberry, Chanel, and Louis Vuitton, has been named the fastest-growing prime retail location in the world, according to new research by CBRE.
In the CBRE’s bi-annual Global Prime Retail Rents report it reveals that prime rental growth on New Bond Street has grown 39.1 percent in Q1 2017, compared to the same period last year, making it the fast-growing prime retail location.
The report adds that New Bond Street also ranked second among the world’s top 10 most expensive retail locations, with 1,753 dollars per square foot per year in Q1 2017. However, New York’s Fifth Avenue retains its position as the world’s most expensive retail destination as it almost doubles the square foot value of London’s shopping street by commanding 3,240 dollars per square foot per year.
Rounding up the top ten markets for prime retail rents are Hong Kong’s Russell Street, Paris’s Champs-Élysées, Tokyo’s Chuo Dori, Sydney’s Pitt Street Mall, the Prime Shopping Centre in Beijing, Zurich’s Bahnhofstrasse district, China’s Guangzhou, and Singapore’s Prime Shopping Centre.
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