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Jan 1, 2008
Los Angeles' Rodeo Drive overtook Kalakaua Avenue in Hawaii for third place, with an average rate of $480 per square foot, up $120 this year. Chicago's Miracle Mile locations average $250 a square foot, up just $5 versus a year ago. Average retail rents along Miami's Lincoln Road reached $120 a square foot, up $10, while Philadelphia's Walnut Street commanded $120 per square foot, up $20 in a year.
Ross Moore, Colliers' senior vice president, attributes the annual increases to luxury retailers, which have been relatively unaffected by any economic slowdown, and are moving from malls to key streets in cities. He says it's no coincidence that the highest rents are in top tourist destinations, given the US dollar's weakness in comparison with foreign currencies. A dropping dollar has led to an increase in customers from abroad.
Topic: Wholesale News
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