Rents have surged in many luxury shopping districts, according
to a study published
by Colliers International.
New York City’s Fifth Avenue saw the top rent increases in
the U.S., the study said. Rent on the famed street increased by $900 to $2,150
per square foot, a 72 percent increase. Rents on Madison Avenue rose by a more
modest $118.00 to $708.00 per square foot, a 20 percent jump.
Among its other findings:
- Rents on Chicago’s North Michigan Avenue rose by $25.00 to
$250.00 per square foot, an 11 percent increase.
- In Prospect/Girard in San Diego, rates rose a dramatic
42.56 percent, to $111.20 per square foot.
- There were also hefty increases on Lincoln Road in Miami,
where rents jumped 35 percent, to $135 per square foot.
- In the Central Business District of Sacramento, Calif.,
rents rose 30 percent to $39 per square foot.
- In San Francisco’s Union Square district, rents increased
a more modest $20.00 to $340.00 per square foot, a 6.25 percent increase.
- There was only a small increase on Los Angeles’ Rodeo
Drive, with rents only increasing $2 to $425, a 0.47 percent increase.
Rents in some luxury areas actually decreased. Some of the
biggest falls included Westheimer in Houston, Texas (down 46.67 percent); Main
Street in Greenville, S.C. (45.45 percent); SW Morrison St. in Portland, Ore.
(38.61 percent); Worth Avenue in West Palm Beach, Fla. (35 percent); and Ming
Ave. in Bakersfield, Calif. (33.33 percent).
Paris’ Avenue des Champs-Élysées,
along with London’s Old Bond Street, did not see a change in rent over the last
12 months. Hong Kong’s Causeway Bay district saw rents increase
by 25.6 percent.
The complete list can be seen here.