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Grafton Street climbs in global retail rent report

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Grafton Street rents are the 22nd priciest in the world.

Grafton Street rents are the 22nd priciest in the world.

Grafton Street rents are the 22nd priciest in the world.

Grafton Street has moved up one spot to the 22nd most expensive location for retail rents in the world, new research has shown.

The report from Cushman & Wakefield showed rents on Dublin's top shopping street averaged €2,529 per sq m.

Overall, New York's Upper Fifth Avenue has overtaken Hong Kong's Causeway Bay as the most expensive area to lease retail space as an improving US economy boosted prime shopping streets across the country.

Rents on the Manhattan street rose 13.3pc to a record $3,500 per sq ft a year in the 12 months through August, broker Cushman & Wakefield said in the report on Wednesday. Causeway Bay rents fell 6.8pc to $2,735.

"The arrival of brands such as Microsoft, which recently announced its first flagship store in New York's Upper Fifth Avenue, further underlined the importance of these premier shopping destinations," said Matt Winn, global retail chief operating officer at Cushman & Wakefield.

US luxury-shopping areas showed the strongest growth in the global survey as retailers sought space on streets like Rodeo Drive in California's Beverly Hills and New York's Madison Avenue. Prime rents across the US increased 10.6pc during the first nine months compared with a year earlier, Winn said.

Rents on San Francisco's Union Square rose 30pc to $650 per sq ft a year, the biggest gain in the world.

The report compares the rents on the most expensive shopping streets in each country. Paris's avenue des Champs-Elysees remained in third place even though rents were unchanged, following a 40pc gain last year. London's New Bond Street, where rents rose 4.2pc, was fourth.

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