Global retail rents decreased at an average rate of 1% in the third quarter of 2009, according to the latest release of CB Richard Ellis (CBRE) Global MarketView focusing on the retail sector.
According to the CBRE release, the New York retail market commanded the highest rent worldwide in Q3 2009, followed by Hong Kong and Paris.
In particular, retail rents in the third quarter of 2009 in New York averaged $1,640 per square foot, while retail rents in Hong Kong and Paris averaged $976 per square foot and $857 per square foot, respectively.
Tokyo and London, with average retail rents of $774 per square foot and $756 per square foot, respectively, feature in the 5th and 6th positions.
Los Angeles and Chicago feature also in CBRE's list of the 20 most expensive retail locations in the world in the third quarter of 2009. In particular, Los Angeles with an average retail rent of $540 per square foot features in the 10th position while Chicago with an average retail rent of $500 per square foot, features in the 15th position.
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