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Walnut Street, Philadelphia, Ranked no. 12 in Americas’ Most Expensive Retail Locations: Cushman & Wakefield Launches ‘Main Streets Across the World’ Global Report

| November 14, 2017 | 0 Comments

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Walnut Street holds firm at no. 12 spot from last year – New York’s Upper 5th Ave. takes first place as highest retail rents in Americas

PHILADELPHIA, PA, Nov. 14, 2017 – Cushman & Wakefield has released the 29th edition of its global flagship report, Main Streets Across the World, and within the Americas – Philadelphia’s Walnut Street is listed as the 12th most expensive location in the country (*see table listing below).

The report tracks 451 of the top retail streets around the globe, ranking the most expensive in 68 countries by their prime rental value and enabling an analysis of trends in retail real estate performance.

The top five global city locations included: 1. New York’s Upper 5th Avenue (49th – 60th Streets); 2. Hong Kong’s Causeway Bay; 3. London’s New Bond Street; 4. Milan’s Via Montenapoleone and; 5. Paris’ Avenue des Champs Elysees.

In the Americas, the list’s top five included: 1. New York’s Upper 5th Avenue (49th – 60th Streets); 2. Los Angeles’ Rodeo Drive; 3. San Francisco’s Union Square; 4. Chicago’s North Michigan Avenue; and 5. Miami’s Lincoln Road.

Cushman & Wakefield’s Associate, Retail Services, Erica Schiffman, based in Philadelphia, said the Walnut Street retail district, located in downtown Philadelphia, is hailed as the city’s premier shopping district.

“The Walnut Street shopping enclave consists of a four block stretch between Broad Street and 18th Street, surrounding the Rittenhouse Square Park on the southwest corner. Part of the street is commonly referred to as ‘Rittenhouse Row’ which hosts an assortment of luxury designer brands and high-street fashion,” Ms. Schiffman said.

“It is a prominent location for fashion, dining, and cultural activities and hosts one of the oldest continually operating theatre establishments in the English speaking world: The Walnut Street Theatre with hotels and office buildings nearby,” Ms. Schiffman said.

Across the Americas as a whole, recent economic growth has been encouraging and looks set to remain so in 2018, however, retail real estate trends have varied across the region’s diverse set of markets, according to the report’s author, Darren Yates, Head of EMEA Retail Research, at Cushman & Wakefield.

“While the growth of online retail is a common theme in all of America’s markets, retailing in much of Latin America is still maturing. However, most of the region’s developed cities now have high quality retail developments which cater to a variety of income groups, including a rapidly growing middle class,” Mr. Yates said.

“In the US, while there has been a lot of discussion around store closures, the main high street markets have not been as adversely affected as some of the headlines might suggest. The fact is that most retailers are not turning their backs on high street locations,” he said.

*Below is the Americas’ listing in the ‘Main Streets Across the World’ Global Report

2017 2016 TOWN COUNTRY DISTRICT 2017 RENT
US$/SQ FT/YR
2017 RENT
€/SQ M/YR
2016 RENT
US$/SQ FT/YR
2016 RENT
€/SQ M/YR
1 1 New York USA Upper 5th Avenue (49th – 60th Sts) 3,000 28,262 3,000 29,065
2 2 Los Angeles USA Rodeo Drive (Beverly Hills) 875 8,243 800 7,751
3 3 San Francisco USA Union Square 700 6,594 685 6,637
4 4 Chicago USA North Michigan Avenue 550 5,181 550 5,329
5 5 Miami USA Lincoln Road 300 2,826 325 3,149
6 6 Toronto Canada Bloor Street 231 2,180 250 2,425
7 7 Washington DC USA Penn Quarter 205 1,931 205 1,986
8 9 Palm Beach USA Worth Avenue 145 1,366 150 1,453
9 8 Vancouver Canada Robson Street 141 1,326 166 1,604
10 11 Montreal Canada Saint-Catherine W – Street Level 135 1,272 139 1,343
11 9 Boston USA Newbury Street 130 1,225 150 1,453
12 12 Philadelphia USA Walnut Street 125 1,178 135 1,308
13 14 Mexico City Mexico Masaryk 106 998 100 972
14 16 San Diego USA Del Mar Heights Blvd (Suburban Del Mar Heights) 105 989 78 756
15 17 Seattle USA CBD/Core 80 754 75 727
16 18 São Paulo Brazil Oscar Freire Jardins 74 700 73 708
17 15 Buenos Aires Argentina Calle peatonal Florida. From Av. Cordoba to Av. Corrientes_4 blocks 69 651 81 788
18 13 Rio de Janeiro Brazil Garcia D’avilla (Ipanema) 61 576 113 1,096
19 20 Monterrey Mexico Calzada del Valle 56 525 57 551
20 19 Santiago Chile Providencia 52 486 58 561

 

MOST EXPENSIVE LOCATIONS BY COUNTRY
     
Rank 2017 Rank 2016 Country City Location RENT Q2 2017
US$/SQ.FT/YEAR
RENT Q2 2017
€/SQ.M/YEAR
1 1 USA New York Upper 5th Avenue (49th – 60th Sts) 3,000 28,262
2 2 Hong Kong Hong Kong Causeway Bay (main street shops) 2,725 25,673
3 4 United Kingdom London New Bond Street 1,719 16,200
4 6 Italy Milan Via Montenapoleone 1,433 13,500
5 3 France Paris Avenue des Champs Elysees 1,407 13,255
6 5 Japan Tokyo Ginza 1,200 11,308
7 7 Australia Sydney Pitt Street Mall 1,000 9,422
8 8 South Korea Seoul Myeongdong 914 8,598
9 9 Switzerland Zurich Bahnhofstrasse 883 8,310
10 10 Austria Vienna Kohlmarkt 490 4,620
11 11 China Beijing Wangfujing 477 4,498
12 12 Germany Munich Kaufinger/Neuhauser 471 4,440
13 13 Ireland Dublin Grafton Street 388 3,653
14 14 Spain Barcelona Portal de  L’Angel 357 3,360
15 19 Russia Moscow Stoleshnikov 326 3,071
16 17 Netherlands Amsterdam Kalverstraat 318 3,000
17 15 Singapore Singapore Orchard Road 308 2,905
18 18 Norway Oslo Karl Johan 301 2,831
19 25 Greece Athens Ermou 280 2,640
20 20 Luxembourg Luxembourg City Grande Rue 274 2,580
21 21 Denmark Copenhagen Stroget (including Vimmelskaftet) 271 2,555
22 23 Czech Republic Prague Na Příkopě street 267 2,520
23 16 Turkey Istanbul Centre – Istiklal Street 245 2,311
24 28 India New Delhi Khan Market 232 2,191
25 22 Canada Toronto Bloor Street 231 2,180
26 27 Vietnam Ho Chi Minh City Best Achieved Shopping Mall (GF) 223 2,100
27 24 Malaysia Kuala Lumpur Pavilion KL (prime lots) 221 2,084
28 29 Belgium Antwerp Meir 207 1,950
29 26 Taiwan Taipei Zhongxiao 194 1,830
30 30 Sweden Stockholm Biblioteksgatan 171 1,609
31 31 Finland Helsinki City Centre 170 1,602
32 33 Hungary Budapest Vaci utca 153 1,440
33 33 Portugal Lisbon Chiado 146 1,380
34 32 UAE Dubai Prime – A 136 1,282
35 35 Israel Tel Aviv Kikar Hamedina 135 1,280
36 37 South Africa Johannesburg Sandton City 134 1,265
37 36 Thailand Bangkok Central Retail District (CRD) (Rajprasong/Sukhumvit street) 128 1,214
38 39 Poland Warsaw Nowy Swiat 108 1,020
38 40 Serbia Belgrade Kneza Mihaila 108 1,020
40 41 Mexico Mexico City Masaryk 106 998
41 43 Croatia Zagreb Ilica Street 89 840
42 42 Channel Islands St Peter Port High Street 89 835
43 45 Indonesia Jakarta Prime 80 752
44 46 Slovenia Ljubljana Čopova 76 720
45 38 Brazil São Paulo Oscar Freire Jardins 74 700
46 48 Saudi Arabia Jeddah 69 653
47 44 Argentina Buenos Aires Calle peatonal Florida. From Av. Cordoba to Av. Corrientes_4 blocks 69 651
48 55 Cyprus Nicosia Ledras Street 64 600
49 53 Romania Bucharest Calea Victoriei 60 564
50 51 Philippines Taguig (Metro Manila) Bonifacio High Street 59 559
51 50 Bulgaria Sofia Vitosha Blvd 59 552
52 54 Slovakia Bratislava Obchodna ulica 57 540
53 52 Ukraine Kyiv Kreschatik Street/Gorodetskogo Street 56 525
54 49 Chile Santiago Providencia 52 486
55 55 Latvia Riga Kalku St./Valnu St./Audeju St./Terbatas St./Kr.Barona St. 51 480
55 55 Lithuania Vilnius 51 480
57 47 Nigeria Lagos 50 473
57 58 Ghana Accra 50 473
59 60 Kenya Nairobi The Junction 45 420
60 59 Oman Muscat High Street 43 409
61 62 Estonia Tallinn Viru Street 41 384
62 66 Tanzania Dar es Salaam 39 368
63 64 Macedonia Skopje Makedonija Street 38 360
64 63 Zambia Lusaka Levy Centre 33 315
64 65 Mozambique Maputo 33 315
66 61 Peru Lima Miraflores 31 288
67 67 Zimbabwe Harare Village Walk Borrowdale 28 263
68 68 Namibia Windhoek   25 231


About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter. 

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