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Thread: East 57th Street Tops Retail List Highest Rents In the World

  1. #1

    Default East 57th Street Tops Retail List Highest Rents In the World

    From New York Times

    December 9, 2001

    East 57th Street Again Tops Retail List Highest Rents In the World


    East 57th Street from Fifth Avenue to Park Avenue is the most expensive retail location in the world, with asking rents averaging $700 a square foot annually, as of last June, according to a global survey conducted by Cushman & Wakefield, the real estate brokerage and services company.

    Two other shopping districts in Manhattan hold the second and third places nationally, with Fifth Avenue between 49th and 59th Streets having asking rents of $650 a square foot, according to the survey. Asking rents on Madison Avenue between 57th Street and 72nd Street averaged $520 a square foot.

    Elsewhere in the United States, the next most expensive locations for retailers are north Michigan Avenue in Chicago and the Union Square area in San Francisco, with rents averaging $300 a square foot.

    Outside of the United States, the most expensive retail space was Causeway Bay in Hong Kong, where rents averaged the equivalent of $523 a square foot. Avenue des Champs-Élysées in Paris was the next most expensive street, with rents the equivalent of $494 a square foot.

    East 57th has led the survey for two years in a row, according to Susan Kurland, senior director of retail for Cushman & Wakefield. "Fifty-seventh Street is an international crossroads that attracts people from all over the world," she said. "It's a place where retailers feel they must have a presence."




    Louis Vuitton North American Headquarters located on 57th Street between Fifth and Madison Avenues


  2. #2

    Default

    This just proves it... California cant touch New York!!!

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