LOS ANGELES-Hong Kong remains the world's most expensive city for global retailers, outpacing places like New York, Paris and London, where prime rents also continue to reach record-breaking levels, according to new research from global property advisor CBRE Group, Inc.
CBRE's quarterly ranking of 97 prime retail locations/markets across the globe shows that competition in the world's leading cities is getting even stronger. This demand is being fueled by high-end retailers willing to pay record rents for the most coveted shops, while development levels are at historic lows resulting in a shortage of prime retail space.
Hong Kong (US $4,334 per sq. ft. per annum) is the world's most expensive location for prime retail rents by a substantial margin, followed by New York (US $3,300 per sq. ft. per annum), Paris (US $1,452 per sq. ft. per annum) and London (US $1,356 per sq. ft. per annum).
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