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Tuesday, February 27, 2024

NYC’s Fifth Avenue Named World’s Most Costly Procuring Space

(Bloomberg)—A piece of Manhattan’s Fifth Avenue ranks as the costliest procuring hall on the planet as rents surpass pre-pandemic ranges.

House on Higher Fifth Avenue, between forty ninth and sixtieth streets, garners a few of the highest common rents, in keeping with a report by Cushman & Wakefield Plc. The realm’s resilience in the course of the pandemic downturn, coupled with the energy of the US greenback, helped the hall bounce to the highest of a listing of procuring districts internationally from its second-level spot in a rating performed earlier than Covid hit.

Hong Kong’s Tsim Sha Tsui district was the second most-expensive spot, adopted by Milan’s By way of Montenapoleone, London’s New Bond Road and the Avenue des Champs Elysees in Paris.

Rents for retail house globally had been hit exhausting because the pandemic bore down. The Americas proved to be probably the most resilient area, with the US benefitting from fiscal insurance policies and an inflow of shopping for energy into sure markets similar to Houston and Austin, Texas. The River Oaks district in Houston posted a few of the strongest hire progress within the Americas from pre-Covid to the current, in keeping with Cushman & Wakefield’s rating.

Within the US, rents for retailers are actually 25% above pre-pandemic ranges. The common value for a spot on Higher Fifth Avenue in New York climbed 14% from earlier than Covid hit, in keeping with the report.

The Asia-Pacific area and the Europe, Center East and Africa space have but to totally bounce again from the downturn. Hong Kong’s Tsim Sha Tsui space is seeing rents 41% beneath pre-pandemic ranges.

–With help from Jack Sidders.

To contact the writer of this story: Natalie Wong in New York at [email protected]

© 2022 Bloomberg L.P.


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