Champs-Elysees Is Most Expensive Street For Retail Rents
Farewell Fifth Avenue. The most recent report from Colliers International has Manhattan's luxury shopping destination falling to second place in the ranks of pricey streets for retail rent. In first place now is the Avenue des Champs-Elysees in Paris with a two percent increase to $1,256 a square foot. Fifth Avenue fell 10.7 perent from last year and is now at a still hefty $1,250 per square foot. Third was Hong Kong's Russell Street with $1,205 followed by London's Bond Street with $1,174 per square foot. Via Monte Napoleone in Milan declined 1.3 percent to $929 and rents on New York's Madison Avenue fell 21 percent to $590. The real deals can be found in Canada. The cost of retail rentals on Montreal's Rue Ste-Catherine and Toronto's Bloor Street rank 32nd and 33rd on Colliers' list of the most 50 expensive locations.