Warsaw, Poland

New York's Fifth Avenue remains the most expensive place to open a shop, with rents of $1,650 per sq ft per year, followed by the Champs-Elysées in Paris and Moscow's Tverskaya. Shopping destinations for the wealthy, from Bond Street in London to Rodeo Drive in Los Angeles, continue to command rising rents, in spite of signs of a global consumer slowdown according to the newest study conducted by Colliers International.

Although the global economy is anticipated to decelerate in 2008, demand for premier streetfront retail space remains in high demand in almost every region of the world. High-end fashion retailers in particular continue stakeout high profile, high traffic locations in an attempt to better position their brands as premier fashion items. Supply continues to be limited and the rising prosperity in many developing countries is prompting many to expand into these relatively new markets. Rents as a result are expected to continue rising in both the short and medium term. Countries of note included; China, India, United Arab Emirates, Russia and Brazil.

Streetfront retail still highly sought after. – With the continued emergence of the middle class in Asia pacific, the middle east and central and eastern Europe retailers, and in particular luxury retailers, increasingly desire prime streetfront locations.  As was the case for the last few years, rents went up again for most high-end retail locations. Within the U.S. the top five cities did not change, however, the order changed slightly with Los Angeles’ Rodeo Drive jumping $60 per square foot (PSF) to take second spot. New York again ranked number one with Fifth Avenue increasing by $300 PSF to register $1,650 PSF. These two streets were the only ones to post a substantial increase. New York and Los Angeles were followed by Union Square in San Francisco at $490 PSF. Waikiki’s Kalakaua Avenue and Chicago’s North Michigan Avenue held steady at $360 PSF and $250 PSF respectively. Canada’s most expensive retail strip is now found in Montreal with Ste. Catherine Street rents jumping to C$300 PSF usurping Toronto’s Bloor Street by $80 PSF. This year’s Global Retail Highlights report includes a ranking of 132 retail shopping strips around the world with New York’ Fifth Ave the most expensive at $1,650.00 PSF, followed by Paris’ Champs Elysees at $1,468.20 PSF and Moscow’s Tverskaya at $1,467.61 PSF.

Warsaw was placed in them middle of the list and registered $158 PSF per year. A full ranking can be found on the following pages of this report.

About Colliers International

Colliers Macaulay Nicolls Inc. (CMN) operating as Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in 267 offices in 57 countries.  Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.  Colliers International is a worldwide affiliation of independently owned and operated companies. Locally, Colliers professionals serve clients throughout Colliers International Poland, incorporated in 1997. 
Find out more at www.colliers.com/markets/warsaw.     

Contact Information

Tatiana Kałużniacka
PR Manager
tatiana.kaluzniacka@colliers.pl

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