Storefront rents in most of the world's priciest retail districts declined for a second consecutive 12-month period ending this spring, although signs suggested a rebound could be coming.
According to a survey by real estate consultants Colliers International, the Champs Élysées in Paris is the most expensive retail district in the world, with space going for an average of $1,255.90 US per square foot for a one-year lease, an increase over one year of 2.04 per cent.
But New York's Fifth Avenue saw rents drop by 10.71 per cent, with space now going for $1,250.
Canadian premier retail rents (last 12 months)
|City||Street||Rate ($Cdn, sq. foot)||Change from year earlier|
|Calgary||17 Avenue S.W.||75||-25%|
|Halifax||Spring Garden Road||50||+5.26%|
|Saskatoon||21st Street E.||28||Unchanged|
|(Source: Colliers International)|
"Two sub-categories worth mention are financial centres, which are still sluggish but not to the same extent as a year ago, and tourism-dependent cities, which were more mixed but generally up relative to last year," Ross Moore, chief economist with Colliers USA, said in a statement.
"With many of the world's rich feeling more secure and comfortable with luxury purchases, demand for high-end retail premises is expected to increase over the coming year."
Russell Street in Hong Kong took third place, with an average rent of $1,205.46, which was up 1.3 per cent from the same period a year before.
Montreal's Saint Catherine Street and Toronto's Bloor Street were Canada's most expensive strips, with average lease rates of $300 Cdn. a square foot.
Montreal's rates were unchanged, but Toronto's rose 7.14 per cent from the same period a year earlier.