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Globally Speaking, Fifth Avenue Is First Again

NEW YORK CITY-For the second time in a week, a global report calls the local shopping mecca the most expensive retail destination.

By Melissa Kress | Updated on November 20, 2007

NEW YORK CITY-Fifth Avenue has been recognized once again as the most expensive retail destination in the world, with CB Richard Ellis bestowing the title on the shopping mecca in its Global Retail Destination Report.

The news comes on the heels of Cushman & Wakefield’s findings last week, although the numbers differ slightly. CBRE puts Fifth Avenue retail rents at $1,508 per sf, with C&W lowering that amount a few dollars to $1,500.

According to CBRE research, Fifth Avenue’s price tag has not turned retailers away from looking for space along the 10-block corridor between Rockefeller Center and Central Park. It cites 40,000-sf leases by Armani and Gucci as proof.

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