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NYC’s Fifth Avenue Named World’s Most Costly Purchasing Space

(Bloomberg)—A bit of Manhattan’s Fifth Avenue ranks as the most costly procuring hall on the planet as rents surpass pre-pandemic ranges.

Area on Higher Fifth Avenue, between forty ninth and sixtieth streets, garners among the highest common rents, in response to a report by Cushman & Wakefield Plc. The realm’s resilience in the course of the pandemic downturn, coupled with the power of the US greenback, helped the hall bounce to the highest of a listing of procuring districts internationally from its second-level spot in a rating achieved earlier than Covid hit.

Hong Kong’s Tsim Sha Tsui district was the second most-expensive spot, adopted by Milan’s Through Montenapoleone, London’s New Bond Avenue and the Avenue des Champs Elysees in Paris.

Rents for retail house globally have been hit onerous because the pandemic bore down. The Americas proved to be probably the most resilient area, with the US benefitting from fiscal insurance policies and an inflow of shopping for energy into sure markets corresponding to Houston and Austin, Texas. The River Oaks district in Houston posted among the strongest lease development within the Americas from pre-Covid to the current, in response to Cushman & Wakefield’s rating.

Within the US, rents for retailers are actually 25% above pre-pandemic ranges. The common value for a spot on Higher Fifth Avenue in New York climbed 14% from earlier than Covid hit, in response to the report.

The Asia-Pacific area and the Europe, Center East and Africa space have but to completely bounce again from the downturn. Hong Kong’s Tsim Sha Tsui space is seeing rents 41% beneath pre-pandemic ranges.

–With help from Jack Sidders.

To contact the writer of this story: Natalie Wong in New York at [email protected]

© 2022 Bloomberg L.P.




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