Retail rents in markets across the Americas now stand a whopping 15% above pre-pandemic levels, according to a new report from Cushman & Wakefield.
The firm's Main Streets Around the World report — Cushman's first in three years — notes that rents across global prime retail destinations slumped 13% from before the pandemic to hit their lowest point on average, but have subsequently rebounded to sit 6% below pre-pandemic levels. Rent growth has been more wobbly in regions like Asia-Pacific, where rents fell on average by 17% during the pandemic (and in cities like the Luohu district of Shenzhen in China, rents declined by 30% over the past year).
But in the US, which drove much of the Americas' retail rent growth, rents are now well above pre-pandemic levels. In Houston's River Oaks district, for example, rents are up an eye-popping 90% over the last year.
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