Hong Kong Named Most Expensive Retail Market Worldwide As Highest Reported Rents Top $1,858 per SF

New York City, San Francisco, Chicago Top List of Highest-Priced U.S. Retail Markets

NAI Global 2009 Global Market Report Provides Data on 200+ Commercial Property Markets Worldwide

Hong Kong lays claim to the most expensive retail space in the world with peak rents of $1,858 per square foot, according to NAI Global’s 2009 Global Market Report.

“Hong Kong is the shopping capital of the Asia-pacific region, and has benefited greatly from international tourism and increasing travel from China,” said David Solomon, President of NAI ReStore, the retail arm of NAI Global. “It is one of the world’s most desirable retail markets in the world for high-end retailers.”

New York City’s Midtown Manhattan market was close behind Hong Kong with peak rents of $1,400 per square foot for prime retail locations, and Paris, France, ranked third with peak rents of $1,394 per square foot. London, last year’s highest priced retail market, fell to number four in 2008, with peak rents of $1,077 per square foot, a $352 per square foot decline from the previous year.

In addition to New York City’s Midtown Manhattan market, the most expensive downtown/CBD retail markets in the U.S. include San Francisco at $750 per square foot and Chicago at $450 per square foot. Los Angeles’ Rodeo Drive, at $360, and Philadelphia, at $145, also made the top five U.S. retail markets.
“All of these markets benefit from a large, affluent local population, a vibrant downtown environment and strong tourism/convention trade,” Solomon added.

NAI Global is one of the world’s largest commercial real estate services providers. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 professionals and 325 offices in 55 countries. Now in its 23rd year, NAI’s Global Market Report offers insider insight and perspective on market conditions reported by NAI experts on the ground in more than 200 property markets worldwide.

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