MAIN STREETS ACROSS THE WORLD 2007 - Oficina …...MAIN STREETS ACROSS THE WORLD 2007 growth will...
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MAIN STREETS ACROSS THE WORLD
2007MAIN STREETS
CUSHMAN & WAKEF IELD RESEARCH
Main streets World.indd 1 5/11/07 13:29:02
1
INTRODUCTION
Cushman & Wakefield is committed to providing an excel-
lent service to their retail clients through the continuous
monitoring of retail trends and practices. This edition of
Main Streets Across The World provides a detailed analysis
of retail property rental performance across the globe in
the twelve months to June 2007.
The information and data provided in this report are based
on a comprehensive survey of Cushman & Wakefield's
international offices and the editors are extremely grateful
to them for their time, effort and assistance.
Our international representation is designed to facilitate the
rapid flow of information across borders and is supported
by a comprehensive database of market information and
regular liaison meetings. This allows for the exchange of
local market knowledge and expertise and for the co-ordi-
nation of strategy for international investment and location-
al decision-making.
Information on the markets has been provided by Cushman
& Wakefield, its alliance partners and its associate offices
listed in the table below:
AUSTRIA Inter-pool/FaciCon
BULGARIA Forton International
DENMARK RED - Property Advisers
ISRAEL Inter Israel Real Estate Agency
IRELAND Lisney
LEBANON Michael Dunn & Co
MALAYSIA YY Property Solutions
NEW ZEALAND Bayleys
NORWAY Mork & Partners
PHILIPPINES Cuervo Far East Inc.
SOUTH AFRICA Pace Property Group (pty) Ltd
SWITZERLAND SPG Intercity
TAIWAN REPro International
THAILAND Nexus Property Consultants Ltd
TURKEY P&D Real Estate Consultants
CONTENTS
Global Overview 2
Country Summaries
Argentina 7Australia 7Austria 7Belgium 7Brazil 7Bulgaria 7Canada 7China 7Czech Republic 7Denmark 7Finland 7France 7
Most Expensive Retail Locations 8
Country Summaries Continued
Germany 10Greece 10Hong Kong 10Hungary 10India 10Ireland 10Israel 10Italy 10Japan 10Lebanon 10Malaysia 10Mexico 10The Netherlands 11New Zealand 11Norway 11Philippines 11Poland 11Portugal 11Romania 11Russia 11Singapore 11Slovakia 11South Africa 11South Korea 11Spain 12Sweden 12Switzerland 12Taiwan 12Thailand 12Turkey 12United Kingdom 12United States of America 12
Retail Rents 13
Research Services 16
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 1
M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 0 7
THE ECONOMIC ENVIRONMENT
Moving towards 2008, the next few months still hold a
good deal of uncertainty for the global economy, with
many investors bracing themselves for an anticipated slow-
down, although there remain some chinks of light at the
end of the tunnel. One of the chief concerns remains just
how much the recent problems in the financial markets will
impact on the wider economy, notably in respect of how
the credit squeeze will affect business and consumer activ-
ity. Recent forecasts suggest that global growth will fall
below 5% in 2008 and expectations for all the world's
major economies have been downgraded. That said, with
the Federal Reserve cutting its main interest rate in order
to stabilise the US economy, other central banks may fol-
low suit more quickly, which should help ease some of the
pressure.
Discussion in the US is now focussed on whether the econ-
omy will suffer a hard landing or a controlled recovery in
2008. Troubles in the housing market continued over
recent months, with falling sales and construction activity.
However, the consumer remained relatively resilient in the
face of this and third quarter trading figures were stronger
than anticipated. Going forward, the picture may be less
upbeat for retailers if consumers react to current uncer-
tainty by cutting back on discretionary spending as some
fear. All eyes will in fact be on the employment numbers
and to date, forecasters have remained optimistic that after
a slow start to the year, consumer spending will pick up as
the year progresses as interest rate cuts impact.
Economic data for the Eurozone suggests a robust level of
growth in recent months, pointing to the area's ability to
withstand the effects of a stronger Euro in addition to any
serious fallout from the global credit crunch. As a result,
general business and consumer confidence remains at a rel-
atively high level. Inflationary risks remain however and,
whilst there is some talk of a possible interest rate reduc-
tion, the ECB is not expected to compromise on inflation
with a cut in the short term. In the UK meanwhile, the
Chancellor announced lower economic growth forecasts
in the wake of the financial turbulence. A slower housing
market is also now in evidence, with higher interest rates
and tighter lending criteria imposed by the banks now com-
bining to reduce the annual rate of house price growth.
In Asia, economic growth in 2007 has been very robust
and, whilst this is expected to ease in the short term, the
general outlook is nevertheless positive. The strong eco-
nomic fundamentals in the region should insulate it well
against the wider impact of any global slowdown, albeit that
a significant slowdown would impact on export growth.
Tourism is playing an increasing role which is benefiting the
retail sector and, with China's continuing commitment to
the WTO and the approach of the 2008 Beijing Olympic
Games, an enormous market is opening up for foreign
retailers.
PROPERTY OVERVIEW
2
0%
5%
10%
15%
20%
25%
20072006200520042003
0%
20%
40%
60%
80%
100%
Boston
, New
bury
Stree
t
Buen
os A
iries
, Florid
a
São
Paulo,
Mor
umbi Sho
pping
Calg
ary, 17
th A
venu
e SW
Chica
go, N
orth
Michiga
n Ave
Chica
go, S
tate
Stree
t
Rio d
e Jane
iro, V
iscon
de d
e Pira
ji
São
Paulo,
Dire
ita/it
apet
ininga
Los A
ngeles
, Rod
eo D
rive
Chica
go, E
ast O
ak Stree
t
AMERICAS: RENTAL GROWTH OVER FIVE YEARS (P.A)
AMERICAS: STRONGEST GROWTH
City Location US$/sq.ft/yr €/sq.m/yr
New York 5th Avenue 1,500 11,983
New York Madison Avenue 1,200 9,586
New York East 57th Street 900 7,190
Los Angeles Rodeo Drive (Beverly Hills) 600 4,793
Chicago North Michigan Avenue 425 3,395
San Francisco Union Square 400 3,195
San Francisco Post Street 350 2,796
Chicago East Oak Street 350 2,796
São Paulo Iguatemi Shopping 200 1,596
Vancouver Robson Street 198 1,584
TOP TEN LOCATIONS IN THE AMERICAS
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 2
RETAIL PROPERTY MARKET PERFORMANCE
The Americas
Rental growth in the Americas amounted to 20.3% over
the year to June - with all the countries covered showing
increases. Argentina recorded the strongest growth in the
region, with a rise of 22.7% on the back of buoyant occu-
pier demand in the face of tight supply in the main areas of
Buenos Aires and smaller cities such as Córdoba, Mendoza
and Rosario. In Brazil, retail market sentiment has
remained firm, with annual rental growth amounting to a
very healthy 22.2%. Economic stability, combined with
lower unemployment, rising disposable incomes and a
reduction in interest rates has led to an increase in retail
sales. Another key trend has been the gradual shift in per-
ceptions of shopping merely as necessity towards more of
a popular leisure activity. As a result, the retail market has
continued its steady expansion. Spurred on by tax reforms
to encourage foreign investment, there has been a notable
increase in interest from international retailers. In Mexico,
little changed over the year in terms of sentiment and rents
saw a moderate growth of 4%, with retailers still cautious-
ly optimistic about the medium term.
In Canada, rents saw growth of 5% in an environment of
rising disposable incomes and strong retail sales growth
which has led to low vacancy rates in many areas. Luxury
fashion brands have been particularly active as they contin-
ue their move into downtown shopping districts, driving
rents up. Most of the country has been benefiting from
strong economic growth, high levels of consumer confi-
dence and a booming residential development market.
Whilst rising interest rates over the course of the past 12
months have somewhat dampened retail activity, the US
has still enjoyed strong rental growth of 20.1%. Recently,
the US Federal Reserve cut interest rate for the first time
in four years which should ease some of the pressures on
consumers as the economy moves into a period of slower
growth. However, throughout 2006 to mid-2007, demand
for retail space has been strong on the back of buoyant
consumer spending. As a result, large cities recorded solid
rental growth over the year to June, although Chicago was
clearly the strongest performer. The most expensive loca-
tion again was New York, with rents on 5th Avenue stand-
ing at US$1,500/sq.ft/year.
Europe
Whilst the recent turbulence in global financial markets
and higher interest rates have led to a degree of "belt tight-
ening" and uncertainty, the European economy overall
remains fundamentally in good shape and is expected to
withstand the recent wobbles. Consumer and business
confidence has moderated to a degree but remains at a
high level, commensurate with solid GDP growth.
Moreover, looking forward, continued employment
PROPERTY OVERVIEW
3
0%
2%
4%
6%
8%
10%
12%
20072006200520042003
0%
20%
40%
60%
80%
100%
Zarag
oza,
Pl d
e la
Inde
pend
encia
Istan
bul, R
umeli C
ades
i
War
saw, u
l. Chm
ielna
Katow
ice,
ul. 3
Maja
Mos
cow, N
ovy A
rbat
Palm
a de
Mall
orca
, Jaim
e III
Gen
eva,
Rue d
e Rho
ne
Mala
ga, M
arqu
es d
e La
rios
War
saw, u
l. Mar
szalk
owsk
a
St Pet
ersb
urg,
Nev
sky Pr
ospe
kt
Annual
Renta
l G
row
th t
o June 2
007
EUROPE: RENTAL GROWTH OVER FIVE YEARS (P.A)
EUROPE: STRONGEST GROWTH
City Location US$/sq.ft/yr €/sq.m/yr
Paris Avenue des Champs Elysées 922 7,364
London New Bond Street 813 6,498
Dublin Grafton Street 668 5,340
London Oxford Street 631 5,042
London Covent Garden 582 4,653
Paris Rue du Faubourg St Honoré 553 4,418
Paris Avenue Montaigne 553 4,418
Zurich Bahnhofstrasse 491 3,926
London Brompton Road 490 3,918
Athens Ermou 451 3,600
TOP TEN LOCATIONS IN EUROPE
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 3
M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 0 7
growth will act as a strong support for the consumer mar-
ket, as will more stable interest rates as the likelihood of
further increases recedes.
High streets continue to play an important role in the retail
hierarchy as far as consumers are concerned, despite the
fact that edge- and out-of-town shopping centres account
for the bulk of leasing and investment activity in most
European markets. As a result, major brands continue to
seek representation on Europe's main high streets, boost-
ing demand for large flagship stores which are in relative
short supply. Indeed, supply-demand imbalances have been
the key driver of high street rental growth across most
markets. Demand from domestic and, increasingly, inter-
national operators for the limited supply of "right size, right
configuration" space has maintained and boosted prime
rents.
Europe's retail markets have continued to have a good run
in recent years, even during periods of economic uncer-
tainty. On the back of continuing growth in maturing mar-
kets such as Italy and Spain and a recovery in core occupi-
er markets such as Germany and the Netherlands, rental
growth across Europe as a whole amounted to a very
healthy 10.5%. Italy's market has remained very buoyant
and rents increased sharply by 23%. The buoyant economy
in the Netherlands meanwhile has led to a persistent sup-
ply-demand imbalance on the major high streets, resulting
in very strong rental growth of 18.5%. Despite lower sales
growth and recent interest rate hikes, retailer demand in
Spain has to date not been too adversely affected. Indeed,
high street rental growth has continued, with rents up
strongly in a number of major cities, generating national
average growth of 17% - making Spain yet again one of the
fastest growing rental markets in Europe.
Robust growth was recorded in Greece (16.3%), Austria
(13.6%) and France (9.1%). Rental growth was more mod-
erate in Belgium and Germany, which recorded rental
growth of 5.3% and 4.7% respectively on the back of a
steady rise in occupier activity. In the UK, the 3.4% annual
growth rate reflected the steady performance of the retail
sector. Retailer demand for prime locations has been good,
but many secondary locations remain weak. London rents
have shown solid growth, on the back of healthy tourist
numbers and strong retail sales, and other regional cities
have also recorded some, albeit more moderate uplift.
Nordic markets have seen a modest level of activity, with
an increasing number of international retailers looking to
establish a presence in the region. Following a prolonged
period of stability, rents in Sweden rose by 4.1%. Norway
and Denmark recorded growth of 3.6% and 2% respective-
ly whilst rents in Finland remained unchanged. Market sen-
timent has been good in Switzerland, with strong demand
for limited space leading to a rise of 22.4% over the year to
June.
PROPERTY OVERVIEW
4
0%
5%
10%
15%
20%
25%
20072006200520042003
0%
20%
40%
60%
80%
100%
New
Delhi, K
han Mar
ket
New
Delhi, S
outh
Ext
ensio
n
Toky
o, Sh
ibuy
a
Mum
bai, L
inking
Roa
d
Mum
bai, C
olab
a Cau
seway
Mum
bai, F
ort/F
ount
ain
New
Delhi, G
reater
Kail
ash I
Mum
bai, K
emps
Cor
ner
New
Delhi, A
nsal
Plaz
a
New
Delhi, C
onna
ught
Plac
e
Annual
Renta
l G
row
th t
o June 2
007
ASIA: RENTAL GROWTH OVER FIVE YEARS (P.A)
ASIA: STRONGEST GROWTH
City Location US$/sq.ft/yr €/sq.m/yr
Hong Kong Causeway Bay 1,213 9,688
Tokyo Ginza 683 5,459
Tokyo Omotesando 547 4,367
Sydney Pitt Street Mall 489 3,905
Melbourne Bourke Street 473 3,779
Seoul Gangnam Station 431 3,441
Seoul Myeongdong 428 3,420
Tokyo Shibuya 410 3,275
Brisbane Queen Street Mall 378 3,023
Singapore Orchard Road 325 2,597
TOP TEN LOCATIONS IN ASIA
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 4
In Central and Eastern Europe, growth in consumer credit
has helped to boost real disposable incomes, which in turn
has supported strong retail sales growth and continuing
retailer expansion in the region. Much of this activity has
focused on new shopping centres, but key in-town loca-
tions also continue to attract the major players. Russia and
Slovakia recorded the strongest growth, with rents
increasing by 25% in both countries. In Russia, the buoyant
retail sector has been reflected in the continued growth in
new development. Rents in Poland were up 21.5% on the
back of strong occupier demand for prime retail units
across all the retail sub-sectors. As a region, rents in
Central & Eastern Europe were up by a healthy 12.3%, with
retailer expansion showing no signs of slowing down.
Asia Pacific
Consumer sentiment has remained positive across most of
the Asia Pacific region. Retail sales have accelerated, sup-
ported by both domestic consumption and increased
tourist numbers. Rental growth across Asia as a whole
amounted to a very strong 23.8% - with all countries in the
region experiencing rental uplift. India was the main driver
of growth, with rents nationally up 53.5% - an exceptional-
ly strong increase as a result of significant transformation
over the last few years on the back of a surge in demand
from domestic as well as international retailers.
Whilst Japan has recently experienced slower economic
growth, rents nevertheless increased by 22.4%, driven
largely by a supply-demand imbalance. The Malaysian mar-
ket had a good year to June, with rental growth amounting
to 21.7%. The retail market has undergone significant
expansion, fuelled by a very robust economic performance
and growing tourist market.
China recorded a modest rental uplift but the rapid growth
of the retail sector is continuing. In the run up to the 2008
Olympic Games in Beijing, there have been no signs of an
easing in terms of leasing and development activity. Indeed,
prime retail space in Beijing remains highly sought after by
international retailers. As major retail districts are now
maturing and there are fewer prime sites available for
redevelopment, the majority of future supply will be in sec-
ondary or newly emerging retail districts outside the Third
Ring Road. In Shanghai, international retailers have also
remained active as retail sales continue to rise steadily.
Over the year to June, rental growth in Hong Kong
amounted to a very healthy 7.5%. It continues to be a
strong target for retailers, ensuring a buoyant flow of
cross-border activity. Positive economic sentiment, with
strong growth in exports and investment, benign inflation
and record high stock prices, have helped to increase dis-
posal income and consumer confidence. Increasing tourist
arrivals from mainland China have led to rising retailer
demand, underlining the growing importance of the main-
land market for Hong Kong’s retail sector.
PROPERTY OVERVIEW
5
-5%
0%
5%
10%
15%
20%
25%
30%
20072006200520042003
0%
5%
10%
15%
20%
25%
30%
35%
40%
Jeru
salem, B
en Ye
huda
Cap
e Tow
n, V&A
Water
front
Joha
nnes
burg
, San
dton
City
Pret
oria, M
enlyn
Par
k
Dur
ban, The
Pav
illion
Tel A
viv, Aya
lon S/Cen
tre
Haif
a, Mou
nt C
armel
Tel A
viv, Ram
at A
viv
Tel A
viv, Dize
ngof
f S/C
entre
Tel A
viv, Dize
ngof
f Stree
t
Annual
Renta
l G
row
th t
o June 2
007
AFRICA & THE MIDDLE EAST: RENTAL GROWTH OVER FIVE YEARS
AFRICA & THE MIDDLE EAST: STRONGEST GROWTH
City Location US$/sq.ft/yr €/sq.m/yr
Tel Aviv Ramat Aviv 134 1,069
Beirut ABC Centre Achrafieh 116 928
Beirut City Centre (BCD) 111 891
Tel Aviv Ayalon Shopping Centre 102 816
Beirut Rue Verdun 93 742
Johannesburg Sandton City 81 650
Cape Town V&A Waterfront 79 633
Durban The Pavillion 69 555
Beirut Rue Hamra 65 520
Pretoria Menlyn Park 61 485
TOP TEN LOCATIONS IN AFRICA & THE MIDDLE EAST
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 5
M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 0 7
Australia registered rental growth of 15.1%, with robust
demand for limited space placing upward pressure on
rents. Market sentiment has improved in Taiwan, leading to
a rise of 12.5% over the year. Rents in Singapore mean-
while recorded solid growth of 7.8%, in line with the
improving economy. The Singapore Tourism Board's
'Friday Late Night Shopping' scheme in the Orchard and
Marina area has clearly paid dividends. As the country will
be hosting its first Formula One Grand Prix in 2008, the
retail market is set to receive a boost from more tourists.
Rental growth rates were healthy in South Korea and the
Philippines, which registered increases of 7.7% and 5.6%
respectively, whilst rents in New Zealand recorded a mod-
erate 3.7% uplift on a year earlier, following a slowdown in
consumer spending growth.
Africa & The Middle East
Rental growth in the Middle East was better than for some
time at 9.6%. In Israel, the strongest rental growth was
seen in Tel Aviv, followed by Haifa. The retail property
market picked up over the year to June on the back of a
growing economy and an improved political situation. In
Lebanon, the economy has continued to show signs of
growth following the problems of 2006. Whilst there
remain political tensions and security issues in certain parts
of the country, the retail market has recovered well. The
market in South Africa also had a good year to June, with
rents in the key shopping centres (which dominate the
market) across the country rising by an average of 5%.
Outlook
The recent volatility in financial markets, caused by higher
interest rates and exacerbated by the sub-prime mortgage
crisis, has had a significant impact on investor confidence
around the world. The full impact of these trends on the
wider economy and, in particular, corporate activity and
consumers, has yet to be determined. Whilst companies
and households have thus far not been significantly affect-
ed by the financial turmoil, a period of more moderate eco-
nomic growth and consumer spending is expected for
2007/2008 - which may dampen activity in the retail sector.
Despite this, solid economic fundamentals in many parts of
the world suggest a mainly positive outlook for the occu-
pational markets. Retail market activity around the globe
remains buoyant. If anything, the pace of internationalisa-
tion is continuing and it is also important to mention the
increasing numbers of home grown retailers who are rais-
ing their game to compete with new foreign arrivals.
Whilst the bulk of development, investment and leasing
activity around the world is focused on shopping centres,
it is also clear that the high street remains at the top of the
retail hierarchy in many markets. The in-town market is
also seeing greater competition from lower-cost out-of-
PROPERTY OVERVIEW
6
town formats such as retail warehousing. Indeed, one of the
key trends which is starting to emerge is an increasing over-
lap in the tenant base between the high street, shopping
centres and big boxes.
However, the fact remains that the major high streets often
provide an initial platform for incoming retailers to gain a
foothold in the market and subsequently launch their expan-
sion. Moreover, there seems to be an almost continuous
stream of new players in every country which is helping to
sustain the demand in major high streets around the world.
Countries Showing Number % of TotalRental Growth 39 88.6
A Fall in Rents 2 4.5
Stable Rents 3 6.8
Location ShowingRental Growth 178 77.1
A Fall in Rents 9 3.9
Stable Rents 44 19.0
Average Rents US$/sq.ft/yr €/sq.m/yr
Americas 250 1,994
Latin America 87 703
Canada & The USA 411 3,286
Asia Pacific 259 2,072
Europe 210 1,677
Euroland Countries 235 1,877
Western Europe 249 1,990
Central & Eastern Europe 106 848
Middle East & Africa 75 602
Average Rental Growth % Rental Growth
Americas 20.3%
Latin America 17.6%
Canada & The USA 23.0%
Asia Pacific 23.8%
Europe 10.5%
Euroland Countries 11.2%
Western Europe 9.8%
Central & Eastern Europe 12.3%
Middle East & Africa 8.4%
Most Expensive US$/sq.ft/yr €/sq.m/yrMain Street Location
5th Avenue, New York 1,500 11,983
Average rent of 231 Main Street Locations 215 1,715
Global Rental Performance in the Year to June 2007
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 6
COUNTRY SUMMARIES
Argentina
Economy
Buenos Aires and a number of other major cities have
experienced good rental growth on the back of strong
occupier demand for limited good quality property.
Vacancy levels are low, with current interest mainly coming
from domestic sources and a handful of international retail-
ers.
Retail Property
Australia
Economy
Rents in all the main locations have shown good growth in
the year to June, with the strongest growth rates seen in
Melbourne. Demand is good for prime high street shops and
there is evidence that the market is picking up after several
years of flat performance.
Retail Property
Austria
Economy
Improving occupier markets have attracted an increasing
number of international investors. The retail market is less
centralised, but has a similar lack of high quality, investment-
grade stock for foreign investors. Prime high streets are
generally performing well, but secondary locations continue
to struggle.
Retail Property
Belgium
Economy
The overall retail market continues to do well on the back
of a favourable economic climate, with retailers experienc-
ing good turnover in the first half of 2007. Availability of
high-quality stock is still tight, a trend that has remained vir-
tually unchanged since the start of the year.
Retail Property
Brazil
Economy
The retail market continues to expand rapidly, with rental
growth over the year to June amounting to 22.2%.
Availability on the main high streets continues to be tight,
whilst new shopping centre space is being taken up quickly.
Indeed, Shopping centres are currently account for a large
proportion of leasing activity.
Retail Property
Bulgaria
Economy
Whilst prime high street pitches should cope with the
emergence of modern shopping centres, secondary areas
are under pressure. There are only a few shopping centres
at present, but the pipeline is strong and the format is set to
grow quickly.
Retail Property
Canada
Economy
Rental growth generally has been most pronounced in west-
ern markets - particularly Calgary and Edmonton, due to
their rapidly expanding economies and strong population
growth. In contrast, eastern Canada has seen a slower pace
of growth in recent years, although there have been some
metro areas that have out-performed.
Retail Property
China
Economy
The retail market has continued to expand and develop with
rental growth over the year to June amounting to 11.4%.
The market outlook remains very positive and government
incentives leading up to the Olympics in 2008 should give
retailers a boost.
Retail Property
Czech Republic
Economy
The Czech Republic is one of the most mature markets in
Central Europe. The strong economic outlook should sup-
port generally good rental growth, although there may be a
degree of volatility as the market remains supply driven.
Modern retail development continues to spread around the
country.
Retail Property
Denmark
Economy
Solid retail sales growth has fuelled occupier demand and
supply is being squeezed so that vacancy rates on
Copenhagen's prime pitches are as low as 1%. Indeed, retail-
ers are being forced to source suitable space away from
Strøget and Købmagergade. Shops in adjacent streets are
being combined to meet demand for large units.
Retail Property
Finland
Economy
The retail market is expected to continue its strong per-
formance of the last few years. Consumer and business con-
fidence is good and the shortage of good quality supply is a
key feature across all the occupier sub-sectors. However,
this has yet to be translated in to rental growth in every part
of the market.
Retail Property
France
Economy
The annual rate of rental growth to June was a healthy 9.1%.
Retailer demand is good and there were numerous leasing
transactions, across all the sub-sectors. A number of inter-
national retailers are looking for flagship stores on the top
two or three high streets in the major regional cities along-
side the capital.
Retail Property
7
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 7
M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 0 7
MOST EXPENSIVE RETAIL LOCATION IN EACH COUNTRY
8
0 300 600 900 1,200 1,500
Manila
Mexico City
Johannesburg
Bangkok
Buenos Aires
Bratislava
Lisbon
Beirut
Warsaw
Tel Aviv
Taipei
Istanbul
Sofia
Stockholm
Bucharest
Wellington
Budapest
Helsinki
Brussels
Toronto/Vancouver
São Paulo
Kuala Lumpur
Oslo
Amsterdam
Prague
Beijing
Moscow
Copenhagen
New Delhi
Vienna
Singapore
Milan/Rome
Madrid
Munich
Seoul
Athens
Sydney
Zurich
Dublin
Tokyo
London
Paris
Hong Kong
New York
US$/sq.ft/year
N.B. The rents in this graph are given in US$/sq.ft/year.
To convert the rent in sq.ft to a rent in sq.m multiply by 10.764.
CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 8
MOST EXPENSIVE RETAIL LOCATION IN EACH COUNTRY
9
1 1 USA New York 5th Avenue 1,500 11,983
2 2 Hong Kong Hong Kong Causeway Bay 1,213 9,688
3 3 France Paris Avenue des Champs Elysées 922 7,364
4 4 UK London New Bond Street 814 6,498
5 5 Japan Tokyo Ginza 683 5,459
6 6 Ireland Dublin Grafton Street 669 5,340
7 7 Switzerland Zurich Bahnhofstrasse 492 3,926
8 8 Australia Sydney Pitt Street Mall 489 3,905
9 10 Greece Athens Ermou 451 3,600
10 9 South Korea Seoul Gangnam Station 431 3,441
11 =10 Germany Munich Kaufingerstraße 391 3,120
12 12 Spain Madrid Preciados 361 2,880
13 =14 Italy Milan/Rome Via Montenapoleone/Via Condotti 338 2,700
14 13 Singapore Singapore Orchard Road 325 2,597
15 17 Austria Vienna Kärntnerstraße 300 2,400
16 24 India New Delhi Khan Market 280 2,236
17 16 Denmark Copenhagen Strøget 279 2,227
18 15 Russia Moscow Tverskaya/Novy Arbat 279 2,226
19 20 China Beijing Wanfujing 268 2,137
20 18 Czech Republic Prague Na Prikope (Wenceslas Square) 255 2,040
=21 21 Netherlands Amsterdam Kalverstraat 250 2,000
=21 19 Norway Oslo Karl Johan Gate 250 2,000
23 27 Malaysia Kuala Lumpur Suria KLCC 208 1,663
24 26 Brazil São Paulo Iguatemi Shopping 200 1,596
25 22 Canada Toronto/Vancouver Bloor Street/Robson Street 198 1,584
26 23 Belgium Brussels Rue Neuve 198 1,580
27 25 Finland Helsinki City Centre 188 1,500
28 =28 Hungary Budapest Váci utca 180 1,440
29 32 New Zealand Wellington Lambton Quay 179 1,430
30 30 Romania Bucharest Bulevardul Magheru 173 1,380
31 31 Sweden Stockholm Biblioteksgatan 163 1,302
32 =28 Bulgaria Sofia Vitosha Blvd 150 1,200
33 33 Turkey Istanbul Abdi Ipekci (European side) 147 1,176
34 34 Taiwan Taipei ZhongXiao E. Road 138 1,106
35 36 Israel Tel Aviv Ramat Aviv 134 1,069
36 =38 Poland Warsaw ul. Chmielna 120 960
37 n/a Lebanon Beirut ABC Centre Achrafieh 116 928
=38 35 Portugal Lisbon Baixa/Av. Liberdade 113 900
=38 =38 Slovakia Bratislava Downtown 113 900
40 37 Argentina Buenos Aires Florida 100 891
41 41 Thailand Bangkok City Centre 87 696
42 40 South Africa Johannesburg Sandton City 81 650
43 42 Mexico Mexico City Mazaryk/Perisur 70 556
44 46 Philippines Manila Makati CBD 29 230
Rank 2007 Rank 2006 Country Cities Location US$/sq.ft/year €/sq.m/year
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COUNTRY SUMMARIES
10
Germany
Economy
With real momentum behind the economy, occupational
markets have picked up. In the prime locations, the demand
is being driven almost exclusively by multiple clothing retail-
ers. Falling unemployment coupled with wage increase
agreements has boosted the outlook for consumer spend-
ing and the retail market should benefit.
Retail Property
Greece
Economy
Rents accelerated in Athens, despite slow retail sales.
Expansion on the high street remained difficult, given low
availability in addition to the high premiums being demand-
ed by landlords. As a result, occupier interest has shifted to
high streets away from the heart of the city centre to loca-
tions, which might be considered just off-prime.
Retail Property
Hong Kong
Economy
In the year to June, the retail property market remained
buoyant, with increasing tourist numbers and strong eco-
nomic fundamentals boosting retail sales growth. In the
short term, however, rental growth may be affected by an
increasingly competitive trading environment, possibly lead-
ing to a squeeze on profit margins.
Retail Property
Hungary
Economy
Whilst the Hungarian economy has slowed somewhat, the
retail market remains strong. High street rental levels con-
tinue to rise on the back of strong demand from interna-
tional retailers in particular. However, demand generally
exceeds the limited availability and therefore leasing activity
is more focussed on new shopping centres.
Retail Property
India
Economy
Continuing expansion and growth has boosted high street
rents by 53.5% over the year to June. New Delhi has expe-
rienced good rental growth on the back of strong demand
for limited good quality property. The current outlook is
generally optimistic, albeit there are some concerns over
FDI restrictions on retailers.
Retail Property
Ireland
Economy
Ireland's retail market has remained robust, with prime
rents on Dublin's Grafton Street reaching Zone A
€9,500/sq.m/year. Boosted by strong retail sales growth,
occupier demand is very strong across all the retail sub-sec-
tors, particularly for the best high street space.
Retail Property
Israel
Economy
The market has recovered well from last year. Rents in the
largest cities are currently stable, having increased by 15.2%
over the year to June. On the high street, the trend has
been towards downsizing, with smaller shops and more spe-
ciality retailers emerging.
Retail Property
Italy
Economy
Prime rents have held firm despite a relatively weak eco-
nomic picture and a fall in consumer confidence. There have
been a handful of new entrants to the market in recent
months, but occupier activity is being driven by a small num-
ber of national and international multiples which are seeking
opportunities around the country.
Retail Property
Japan
Economy
Rental values on Tokyo's prime pitches have seen healthy
growth over the year to June. The market is active, with
leasing demand in major retail areas remaining buoyant on
the back of improving consumer confidence and the expec-
tation of a pick-up in the economy.
Retail Property
Lebanon
Economy
The retail market has made a good recovery from last year's
instability. Despite the country's political problems, most of
Beirut's shopping areas have all performed well in the 12
months to June, except for the downtown area. Currently,
Lebanon is not a major target for international retailers.
Retail Property
Malaysia
Economy
The year to June saw healthy rental growth on Kuala
Lumpur's main retail pitches, resulting largely from a strong
economic performance and increasing number of tourist
arrivals. Looking ahead to the short term, new supply
should be quickly absorbed and rents are expected to
remain stable.
Retail Property
Mexico
Economy
Increasing prosperity and a stable economy are attracting a
growing number of foreign retailers, although this has not
yet led to rental growth in many of the large cities. Overall
retailer demand is good and the current development in
Santa Fe is expected to generate more activity.
Retail Property
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COUNTRY SUMMARIES
The Netherlands
Economy
There has been a good level of occupier interest in the best
high street property over the last year. A sort of "Golden
Class" is beginning to emerge, whereby visible, medium-
sized properties in good locations are highly sought-after.
As a result, rental levels for such units have risen sharply.
Retail Property
New Zealand
Economy
Vacancy rates in Auckland and other major cities have
increased slightly but remain below 4% and high street rents
are largely stable. Trading conditions are now slightly less
favourable than 6-12 months ago and secondary locations
may be more affected by the recent slowdown in consumer
spending.
Retail Property
Norway
Economy
Occupier demand has remained healthy, most notably in
Oslo where domestic and Swedish retailers have been
active. Vacancy levels are low and competition for quality
stock in the prime retail areas has been increasing, particu-
larly with more international brands entering the market.
Retail Property
Philippines
Economy
The retail market is buoyant and seeing a significant level of
activity. Improved economic sentiment has prompted the
arrival of more foreign retailers and this trend is set to con-
tinue over the next 12 months. Overall, rents were up 5.6%
over the year to June.
Retail Property
Poland
Economy
The retail market has continued to perform well on the
back of good retail sales growth. Strong occupier demand
and continuing lack of quality supply on the high streets has
created upward pressure on rental levels, leading to 21.5%
growth over the year to June.
Retail Property
Portugal
Economy
There are signs of a recovery in the in-town market, with
growing interest from retailers, reinforced by shopping cen-
tre occupiers not yet present on the high street. In addi-
tion, foreign retailer interest shows no sign of diminishing
and there are a number of active players undertaking expan-
sion or market entry.
Retail Property
Romania
Economy
The retail market remains buoyant, driven by strong eco-
nomic growth. Bucharest recorded solid rental uplift over
the year to June. Demand from international retailers is
expected to continue and this will be fuelled by the comple-
tion of more high quality retail accommodation.
Retail Property
Russia
Economy
Russia is currently a hotbed of activity and there is strong
demand across all the retail sub-sectors. Competition for
prime space is increasing and the current vacancy rate in
Moscow has reached a record low of around 1%. Significant
further growth and modernization is expected for the fore-
seeable future.
Retail Property
Singapore
Economy
Rents recorded a moderate increase over the year to June,
with retailer demand for limited supply remaining strong.
The anticipated increase in tourism, refurbishment of older
malls and development of Airport Terminal 3 will boost the
market.
Retail Property
Slovakia
Economy
Slovakia has only recently emerged as a real contender for
retail expansion in Central Europe after years of being over-
shadowed by its more advanced neighbours. Bratislava has
remained the focus of development and growth opportuni-
ties, but patterns will shift away from the capital to second-
ary cities.
Retail Property
South Africa
Economy
Whilst annual rental growth registered a modest 5%, the
South African retail market is currently at its strongest for
many decades. Vacancy rates for quality retail premises are
at a historic low, putting further upward pressure on rental
levels.
Retail Property
South Korea
Economy
Overall rents were up 7.7% over the year to June. The mar-
ket is buoyant and is seeing considerable leasing activity. The
positive trend in the retail sector has continued in terms of
sales growth and it is expected to accelerate further once
the Korea-US FTA is finalized.
Retail Property
11
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COUNTRY SUMMARIES
12
Spain
Economy
Rental growth on the high street has continued, with rents
rising by 17%. Despite lower sales growth and recent inter-
est rate hikes, retailer demand in Spain has not been too
adversely affected. A range of domestic and foreign retail-
ers are active and the high street remains a key part of the
retail hierarchy.
Retail Property
Sweden
Economy
The retail sector has continued to grow strongly, with an
increasing number of international retailers entering the
Swedish market. Vacancy rates have dropped to 4% on
Stockholm's main high streets, indicating the tight supply of
high quality space in central locations.
Retail Property
Switzerland
Economy
Rental growth over the year to June was 22.4%. Retailer
demand has been sustained, with low levels of availability in
the major cities. Geneva's Rue de Rhône recorded good
growth, with very low vacancy rates. A limited development
pipeline will ensure minimum growth in supply.
Retail Property
Taiwan
Economy
Low vacancy rates in the prime locations have led to healthy
rental growth in the year to June. Occupier demand has
been strong and availability is still low, with some occupiers
starting to look at some non-traditional shopping areas. A
growing tourist industry should give a boost to the retail
sector.
Retail Property
Thailand
Economy
Following the political uncertainty of the past 12-18 months,
the market has softened slightly. However, rents in Bangkok
recorded modest increases. Areas within close proximity to
the sky-train and subway routes including Phaholyothin
Road, Ladproa Road and Ratchadaphisek Road have seen
significant interest from occupiers.
Retail Property
Turkey
Economy
A combination of its size, anticipated EU entry and vast
under-provision of modern property have made Turkey a
major target for property developers and investors. The
expanding and increasingly sophisticated consumer base has
boosted occupier demand across all retail property sub-sec-
tors.
Retail Property
United Kingdom
Economy
Retail sales growth has been maintained, despite five succes-
sive interest rates rises over the last 18 months. Rental
growth has continued at annual rate of around 3.4%, but
there are concerns that higher interest rates will increasing-
ly filter through to consumers in 2008, which may impact on
trading conditions.
Retail Property
USA
Economy
Whilst trends have varied across the country, the overall
tone of the market has been positive. Retail property con-
tinues to enjoy a period of good growth, with annual rental
uplift amounting to 20.1%. Retailer demand has remained
firm and key money is still commonplace in the most
sought-after locations.
Retail Property
Down Up Stable Stable/Down Stable/Up
KEY INDICATORS
Key Indicator arrows show the anticipated trend for the coming 12 months,relative to recent performance.
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GLOBAL RETAIL RENTS
Latin America
Argentina Buenos Aires Florida US$/sq.m/month 100 25.0% 8.8% 111 891Argentina Buenos Aires Avenue Cabildo US$/sq.m/month 36 20.0% 8.8% 40 321Argentina Buenos Aires Avenue Santa Fe US$/sq.m/month 41 20.6% 8.8% 46 365Argentina Buenos Aires Av Rivadavia (Cabillito/Flores) US$/sq.m/month 23 21.1% 8.8% 26 205Brazil Rio de Janeiro Rio Sul Shopping US$/sq.m/year 1,778 8.7% 4.9% 165 1,320Brazil Rio de Janeiro Visconde de Pirajá (Ipanema) US$/sq.m/year 1,389 53.8% 4.9% 129 1,031Brazil São Paulo Oscar Freire Jardins US$/sq.m/year 761 24.5% 4.9% 71 565Brazil São Paulo Direita/Itapetininga US$/sq.m/year 425 54.0% 4.9% 39 315Brazil São Paulo Iguatemi Shopping US$/sq.m/year 2,150 12.6% 4.9% 200 1,596Brazil São Paulo Morumbi Shopping US$/sq.m/year 1,665 27.2% 4.9% 155 1,236Brazil São Paulo Shopping Patio Higienopolis US$/sq.m/year 2,032 24.2% 4.9% 189 1,508Brazil São Paulo Rua Estados Unidos US$/sq.m/year 190 -13.2% 4.9% 18 141
Mexico Mexico City Mazaryk US$/sq.m/month 62 4.0% 4.0% 70 556Mexico Mexico City Santa Fe US$/sq.m/month 52 4.0% 4.0% 58 463Mexico Mexico City Perisur US$/sq.m/month 62 4.0% 4.0% 70 556Mexico Mexico City Madero St US$/sq.m/month 52 4.0% 4.0% 58 463Mexico Mexico City Altavista ST US$/sq.m/month 47 4.0% 4.0% 52 417
Canada & The USA
Canada Toronto Bloor Street C$/sq.ft/year 210 0.0% 2.2% 198 1,584Canada Toronto Queen Street West C$/sq.ft/year 125 13.6% 2.2% 118 943Canada Montreal Saint-Catherine W - Street Level C$/sq.ft/year 180 2.9% 2.2% 170 1,357Canada Ottawa Sussex Drive C$/sq.ft/year 50 11.1% 2.2% 47 377Canada Calgary 17th Avenue SW C$/sq.ft/year 65 30.0% 2.2% 61 490Canada Vancouver Robson Street C$/sq.ft/year 210 0.0% 2.2% 198 1,584USA Boston Newbury Street US$/sq.ft/year 150 25.0% 2.7% 150 1,198USA Chicago North Michigan Avenue US$/sq.ft/year 425 30.8% 2.7% 425 3,395USA Chicago East Oak Street US$/sq.ft/year 350 100.0% 2.7% 350 2,796USA Chicago State Street US$/sq.ft/year 160 45.5% 2.7% 160 1,278USA Los Angeles Rodeo Drive (Beverly Hills) US$/sq.ft/year 600 71.4% 2.7% 600 4,793USA New York East 57th Street US$/sq.ft/year 900 12.5% 2.7% 900 7,190USA New York 5th Avenue US$/sq.ft/year 1,500 11.1% 2.7% 1,500 11,983USA New York Madison Avenue US$/sq.ft/year 1,200 9.1% 2.7% 1,200 9,586USA Palm Beach Worth Avenue US$/sq.ft/year 165 4.8% 2.7% 165 1,318USA San Francisco Union Square US$/sq.ft/year 400 6.7% 2.7% 400 3,195USA San Francisco Post Street US$/sq.ft/year 350 16.7% 2.7% 350 2,796
Asia Pacific
Australia Adelaide Rundle Mall Australian $/sq.m/year 2,250 12.5% 2.1% 177 1,417Australia Brisbane Queen Street Mall Australian $/sq.m/year 4,800 9.1% 2.1% 378 3,023Australia Brisbane Indooroopilly Australian $/sq.m/year 2,400 9.1% 2.1% 189 1,512Australia Melbourne Bourke Street Australian $/sq.m/year 6,000 33.3% 2.1% 473 3,779Australia Perth CBD Australian $/sq.m/year 3,500 16.7% 2.1% 276 2,204Australia Sydney Oxford Street Australian $/sq.m/year 1,900 0.0% 2.1% 150 1,197Australia Sydney Pitt Street Mall Australian $/sq.m/year 6,200 12.7% 2.1% 489 3,905China Beijing CBD US$/sq.m/month 150 -6.3% 2.9% 167 1,336China Beijing Wanfujing US$/sq.m/month 240 26.3% 2.9% 268 2,137China Shanghai Huaihai Road (Middle) US$/sq.m/month 150 3.4% 2.9% 167 1,336China Shanghai Nanjing Road (East) US$/sq.m/month 215 17.8% 2.9% 240 1,915Hong Kong Hong Kong Causeway Bay HK $/sq.ft/month 790 7.5% 1.4% 1,213 9,688India Mumbai Linking Road, Western Suburban Rs/sq.ft/month 675 50.0% 6.7% 199 1,589India Mumbai Kemps Corner, South Mumbai Rs/sq.ft/month 490 78.2% 6.7% 144 1,153India Mumbai Fort/Fountain, South Mumbai Rs/sq.ft/month 225 55.2% 6.7% 66 530India Mumbai Colaba Causeway Rs/sq.ft/month 340 51.1% 6.7% 100 800India New Delhi Ansal Plaza Rs/sq.ft/month 450 87.5% 6.7% 133 1,059India New Delhi Connaught Place Rs/sq.ft/month 750 87.5% 6.7% 221 1,765India New Delhi Karol Bagh Rs/sq.ft/month 400 25.0% 6.7% 118 941India New Delhi South Extension Rs/sq.ft/month 775 40.9% 6.7% 228 1,824India New Delhi Khan Market Rs/sq.ft/month 950 35.7% 6.7% 280 2,236India New Delhi Greater Kailash I Rs/sq.ft/month 825 57.1% 6.7% 243 1,942Japan Tokyo Ginza Yen/Tsubo/month 250,000 11.1% -0.2% 683 5,459Japan Tokyo Shibuya Yen/Tsubo/month 150,000 50.0% -0.2% 410 3,275Japan Tokyo Omotesando Yen/Tsubo/month 200,000 21.2% -0.2% 547 4,367South Korea Seoul Myeongdong Won/Pyeung/year 14,114,940 6.2% 2.5% 428 3,420South Korea Seoul Gangnam Station Won/Pyeung/year 14,203,380 11.5% 2.5% 431 3,441South Korea Seoul Apgujeong Won/Pyeung/year 6,138,860 2.6% 2.5% 186 1,487Malaysia Kuala Lumpur Bukit Bintang RM/sq.ft/month 50 25.0% 1.4% 173 1,386Malaysia Kuala Lumpur Suria KLCC RM/sq.ft/month 60 20.0% 1.4% 208 1,663Malaysia Kuala Lumpur Mid Valley Megamall RM/sq.ft/month 36 20.0% 1.4% 125 998New Zealand Auckland Queen Street NZ$/sq.m/year 2,100 0.0% 2.0% 150 1,201New Zealand Wellington Lambton Quay NZ$/sq.m/year 2,500 8.7% 2.0% 179 1,430New Zealand Christchurch Cashel Mall NZ$/sq.m/year 1,000 0.0% 2.0% 72 572Philippines Manila Makati CBD Php/sq.m/month 1,200 1.3% 2.3% 29 230Philippines Manila Ortigas CBD Php/sq.m/month 1,033 11.1% 2.3% 25 198Singapore Singapore Orchard Road S$/sq.ft/month 42 7.8% 1.3% 325 2,597Thailand Bangkok City Centre Baht/sq.m/month 2,500 8.7% 1.9% 87 696Taiwan Taipei ZhongXiao E. Road NT$/ping/month 13,500 12.5% 0.1% 139 1,106Korea: 1 Pyeung = 3.306 sq.m/Japan: 1 Tsubo = 35.6 sq.ft/Taiwan: 1 ping = 3.306 sq.m
Europe
Austria Graz Herrengasse €/sq.m/month 85 6.3% 2% 128 1,020Austria Innsbruck Maria Theresienstraße €/sq.m/month 50 11.1% 2% 75 600Austria Linz Landstraße €/sq.m/month 70 7.7% 2% 105 840Austria Salzburg Getreidegasse €/sq.m/month 85 10.4% 2% 128 1,020Austria Vienna Kärntnerstraße €/sq.m/month 200 17.6% 2% 300 2,400Austria Vienna Mariahilferstraße €/sq.m/month 120 20.0% 2% 180 1,440Belgium Antwerp Meir €/sq.m/year 1,500 13.2% 1.3% 188 1,500Belgium Bruges Steenstraat €/sq.m/year 1,050 5.0% 1.3% 131 1,050Belgium Brussels Rue Neuve €/sq.m/year 1,580 1.3% 1.3% 198 1,580
Rent Annual Rent (p.a)
Country Cities Location Local measure June 2007 Growth % Inflation% US$/sq.ft €/sq.m
13
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GLOBAL RETAIL RENTS
14
Belgium Brussels Avenue Louise €/sq.m/year 1,350 8.0% 1.3% 169 1,350Belgium Ghent Veldstraat €/sq.m/year 1,250 1.2% 1.3% 156 1,250Belgium Hasselt Hoogstraat €/sq.m/year 950 2.7% 1.3% 119 950Belgium Liège Vinave d'ile €/sq.m/year 975 5.4% 1.3% 122 975Bulgaria Sofia Vitosha Blvd €/sq.m/year 1,200 -16.7% 5.6% 150 1,200Bulgaria Sofia Graf Ignatiev Str. €/sq.m/year 1,020 -5.6% 5.6% 128 1,020Bulgaria Plovdiv Alexander Batenberg €/sq.m/year 780 -7.1% 5.6% 98 780Bulgaria Varna Kniaz Boris I €/sq.m/year 960 -15.8% 5.6% 120 960Bulgaria Burgas Alexandrovska €/sq.m/year 900 0.0% 5.6% 113 900Czech Republic Brno Svobody Square €/sq.m/month 75 25.0% 2.4% 113 900Czech Republic Prague Na Prikope (Wenceslas Square) €/sq.m/month 170 6.3% 2.4% 255 2,040Denmark Aarhus Søndergade DKr/sq.m/year 5,000 0.0% 1.4% 84 675Denmark Copenhagen Strøget DKr/sq.m/year 16,500 3.1% 1.4% 279 2,227Denmark Copenhagen Østerbrogade DKr/sq.m/year 2,500 13.6% 1.4% 42 337Denmark Copenhagen Købmagergade DKr/sq.m/year 14,500 3.6% 1.4% 245 1,957Denmark Copenhagen Lyngby DKr/sq.m/year 2,600 -13.3% 1.4% 44 351Denmark Odense Vestergade DKr/sq.m/year 4,000 0.0% 1.4% 68 540Finland Helsinki City Centre €/sq.m/month 125 0.0% 2.5% 188 1,500Finland Tampere City Centre €/sq.m/month 75 0.0% 2.5% 113 900Finland Turku City Centre €/sq.m/month 70 0.0% 2.5% 105 840France Bordeaux Rue St Catherine Zone A €/sq.m/year 1,600 3.2% 1.2% 147 1,178France Lille Rue Neuve Zone A €/sq.m/year 2,000 11.1% 1.2% 184 1,473France Lyon Rue de la République Zone A €/sq.m/year 2,000 17.6% 1.2% 184 1,473France Marseille Rue St Ferréol Zone A €/sq.m/year 1,600 2.6% 1.2% 147 1,178France Nice Rue Jean Médecin Zone A €/sq.m/year 1,700 13.3% 1.2% 157 1,252France Paris Avenue des Champs Elysées Zone A €/sq.m/year 10,000 8.7% 1.2% 922 7,364France Paris Boulevard Haussmann Zone A €/sq.m/year 4,600 0.0% 1.2% 424 3,387France Paris Rue du Faubourg St Honoré Zone A €/sq.m/year 6,000 13.2% 1.2% 553 4,418France Paris Avenue Montaigne Zone A €/sq.m/year 6,000 20.0% 1.2% 553 4,418France Paris Rue de Rivoli Zone A €/sq.m/year 3,500 0.0% 1.2% 323 2,577France Paris Boulevard St Germain Zone A €/sq.m/year 3,500 9.4% 1.2% 323 2,577France Strasbourg Place Kléber Zone A €/sq.m/year 1,400 0.0% 1.2% 129 1,031France Toulouse Avenue Alsace-Lorraine Zone A €/sq.m/year 1,600 14.3% 1.2% 147 1,178Germany Berlin Tauentzienstraße (south) €/sq.m/month 200 11.1% 1.8% 300 2,400Germany Cologne Schildergasse €/sq.m/month 205 5.1% 1.8% 308 2,460Germany Dresden Pragerstraße €/sq.m/month 100 0.0% 1.8% 150 1,200Germany Düsseldorf Königsallee €/sq.m/month 200 8.1% 1.8% 300 2,400Germany Frankfurt Zeil €/sq.m/month 225 2.3% 1.8% 338 2,700Germany Hamburg Mönckebergstraße €/sq.m/month 195 2.6% 1.8% 293 2,340Germany Leipzig Peterstraße €/sq.m/month 115 6.5% 1.8% 173 1,380Germany Munich Kaufingerstraße €/sq.m/month 260 4.0% 1.8% 391 3,120Germany Stuttgart Königstraße €/sq.m/month 210 2.4% 1.8% 315 2,520Greece Athens Ermou €/sq.m/month 300 20.0% 2.6% 451 3,600Greece Athens Tsakalof €/sq.m/month 200 11.1% 2.6% 300 2,400Hungary Budapest Váci utca €/sq.m/month 120 0.0% 5.7% 180 1,440Hungary Debrecen Kossuth utca €/sq.m/month 28 0.0% 5.7% 42 336Hungary Gyór Baross utca €/sq.m/month 26 0.0% 5.7% 39 312Hungary Miskolc Széchenyi István út €/sq.m/month 23 0.0% 5.7% 35 276Ireland Cork Patrick Street Zone A €/sq.m/year 4,200 5.0% 4.9% 267 2,130Ireland Dublin Grafton Street Zone A €/sq.m/year 9,500 18.8% 4.9% 668 5,340Ireland Dublin Henry Street Zone A €/sq.m/year 6,000 2.6% 4.9% 381 3,043Ireland Galway Shop Street Zone A €/sq.m/year 3,000 0.0% 4.9% 190 1,521Ireland Limerick O’Connell Street Zone A €/sq.m/year 2,600 0.0% 4.9% 165 1,319Ireland Waterford Broad Street Zone A €/sq.m/year 2,000 0.0% 4.9% 127 1,014Italy Bologna Galleria Cavour €/sq.m/year 1,500 11.1% 1.7% 188 1,500Italy Milan Via Montenapoleone €/sq.m/year 2,700 20.0% 1.7% 338 2,700Italy Milan Via della Spiga €/sq.m/year 2,150 30.3% 1.7% 269 2,150Italy Milan Corso Vittorio Emanuele €/sq.m/year 2,200 29.4% 1.7% 275 2,200Italy Naples Via Toledo €/sq.m/year 1,000 25.0% 1.7% 125 1,000Italy Rome Via Condotti €/sq.m/year 2,700 20.0% 1.7% 338 2,700Italy Rome Via del Corso €/sq.m/year 2,100 23.5% 1.7% 263 2,100Italy Rome Via Cola di Rienzo €/sq.m/year 1,900 26.7% 1.7% 238 1,900Italy Turin Via Roma €/sq.m/year 1,100 22.2% 1.7% 138 1,100Netherlands Amsterdam Kalverstraat €/sq.m/year 2,000 17.6% 1.7% 250 2,000Netherlands Eindhoven Demer €/sq.m/year 1,300 18.2% 1.7% 163 1,300Netherlands Maastricht Grote Straat €/sq.m/year 1,500 25.0% 1.7% 188 1,500Netherlands Rotterdam Lijnbaan €/sq.m/year 1,650 22.2% 1.7% 207 1,650Netherlands The Hague Spuistraat €/sq.m/year 1,100 4.8% 1.7% 138 1,100Netherlands Utrecht Lange Elisabethstraat €/sq.m/year 1,400 21.7% 1.7% 175 1,400Norway Oslo Karl Johan Gate €/sq.m/year 2,000 6.7% 0.4% 250 2,000Norway Oslo Bogstad street €/sq.m/year 1,600 0.0% 0.4% 200 1,600Poland Gdynia ul. Swietojanska €/sq.m/month 31 3.3% 2.6% 47 372Poland Katowice ul. 3 Maja €/sq.m/month 47 34.3% 2.6% 71 564Poland Krakow ul. Florianska €/sq.m/month 65 18.2% 2.6% 98 780Poland Lodz ul. Piotrkowska €/sq.m/month 31 3.3% 2.6% 47 372Poland Poznan ul. Polwiejska €/sq.m/month 45 12.5% 2.6% 68 540Poland Szczecin Al. Niepodleglosci €/sq.m/month 37 5.7% 2.6% 56 444Poland Warsaw ul. Chmielna €/sq.m/month 80 33.3% 2.6% 120 960Poland Warsaw ul. Nowy Swiat €/sq.m/month 75 25.0% 2.6% 113 900Poland Warsaw ul. Marszalkowska €/sq.m/month 60 50.0% 2.6% 90 720Poland Warsaw ul. Jerozolimskie €/sq.m/month 43 7.5% 2.6% 65 516Poland Wroclaw ul. Swidnicka €/sq.m/month 45 28.6% 2.6% 68 540Portugal Lisbon Baixa €/sq.m/month 75 -6.3% 2.4% 113 900Portugal Lisbon Av. Liberdade €/sq.m/month 75 -11.8% 2.4% 113 900Portugal Porto Rua de Santa Catarina €/sq.m/month 60 0.0% 2.4% 90 720Romania Brasov Strada Republicii €/sq.m/month 40 0.0% 3.8% 60 480Romania Bucharest Bulevardul Magheru €/sq.m/month 115 4.5% 3.8% 173 1,380Romania Bucharest Calea Victoriei €/sq.m/month 100 11.1% 3.8% 150 1,200Romania Constanta Stefan cel Mare, Rascoala din 1907 €/sq.m/month 40 0.0% 3.8% 60 480Romania Iasi Stefan cel Mare, Cuza Voda €/sq.m/month 40 0.0% 3.8% 60 480Romania Timisoara Victoriei €/sq.m/month 40 0.0% 3.8% 60 480Romania Cluj Memorandumului, Napoca, Eroilor €/sq.m/month 60 0.0% 3.8% 90 720
Rent Annual Rent (p.a)
Country Cities Location Local measure June 2007 Growth % Inflation% US$/sq.ft €/sq.m
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GLOBAL RETAIL RENTS
Russia St Petersburg Nevsky Prospekt US$/sq.m/year 1,000 81.8% 8.5% 93 742Russia Moscow Tverskaya US$/sq.m/year 3,000 6.8% 8.5% 279 2,226Russia Moscow Novy Arbat US$/sq.m/year 3,000 36.4% 8.5% 279 2,226Slovakia Bratislava Downtown €/sq.m/month 75 25.0% 2.5% 113 900Spain Barcelona Portal de l'Angel €/sq.m/month 200 11.1% 2.4% 300 2,400Spain Barcelona Paseo de Gracia €/sq.m/month 175 9.4% 2.4% 263 2,100Spain Barcelona Rambla Catalunya €/sq.m/month 100 25.0% 2.4% 150 1,200Spain Barcelona Diagonal €/sq.m/month 80 0.0% 2.4% 120 960Spain Bilbao Gran Via €/sq.m/month 115 10.6% 2.4% 173 1,380Spain Madrid Preciados €/sq.m/month 240 11.6% 2.4% 361 2,880Spain Madrid Serrano €/sq.m/month 210 20.0% 2.4% 315 2,520Spain Malaga Marques de Larios €/sq.m/month 130 44.4% 2.4% 195 1,560Spain Palma de Mallorca Jaime III €/sq.m/month 80 37.9% 2.4% 120 960Spain Seville Tetuan €/sq.m/month 120 15.4% 2.4% 180 1,440Spain Valencia Colon €/sq.m/month 130 14.0% 2.4% 195 1,560Spain Zaragoza Pl de la Independencia €/sq.m/month 105 31.3% 2.4% 158 1,260Sweden Gothenburg Kungsgatan SKr/sq.m/year 7,300 0.0% 1.9% 99 792Sweden Malmo Södra Förstadsgatan SKr/sq.m/year 5,800 0.0% 1.9% 79 629Sweden Stockholm Biblioteksgatan SKr/sq.m/year 12,000 9.1% 1.9% 163 1,302Switzerland Basle Freiestrasse SF/sq.m/year 2,800 12.0% 0.7% 212 1,691Switzerland Bern Marktgasse/Spitalgasse SF/sq.m/year 2,500 25.0% 0.7% 189 1,510Switzerland Geneva Rue de Rhone SF/sq.m/year 3,500 40.0% 0.7% 265 2,114Switzerland Zurich Bahnhofstrasse SF/sq.m/year 6,500 18.2% 0.7% 491 3,926Turkey Ankara Centre US$/sq.m/year 840 16.7% 8.6% 78 623Turkey Istanbul Bagdat Caddesi (Asian side) US$/sq.m/year 1,344 12.0% 8.6% 125 997Turkey Istanbul Abdi Ipekci (European side) US$/sq.m/year 1,584 10.0% 8.6% 147 1,176Turkey Istanbul Valikonagi Caddesi (European side) US$/sq.m/year 1,080 12.5% 8.6% 100 802Turkey Istanbul Rumeli Cadesi (European side) US$/sq.m/year 720 33.3% 8.6% 67 534Turkey Izmir Alsancak US$/sq.m/year 1,020 21.4% 8.6% 95 757UK Birmingham High Street Zone A/£/sq.ft/year 320 0.0% 2.4% 327 2,612UK Cardiff Queens Street Zone A/£/sq.ft/year 300 1.7% 2.4% 307 2,449UK Croydon North End Zone A/£/sq.ft/year 270 1.9% 2.4% 276 2,204UK Edinburgh Princes Street Zone A/£/sq.ft/year 235 6.8% 2.4% 324 2,586UK Glasgow Buchanan Street Zone A/£/sq.ft/year 268 7.2% 2.4% 369 2,949UK Leeds Commercial Street Zone A/£/sq.ft/year 305 0.0% 2.4% 312 2,490UK London Brompton Road Zone A/£/sq.ft/year 480 0.0% 2.4% 490 3,918UK London Covent Garden Zone A/£/sq.ft/year 570 6.5% 2.4% 582 4,653UK London Oxford Street Zone A/£/sq.ft/year 525 0.0% 2.4% 631 5,042UK London New Bond Street Zone A/£/sq.ft/year 725 11.5% 2.4% 813 6,498UK Manchester Market Square Zone A/£/sq.ft/year 325 0.0% 2.4% 332 2,653UK Newcastle Northumberland Street Zone A/£/sq.ft/year 325 0.0% 2.4% 332 2,653UK: Zoning practices differ between locations.
The Middle East
Israel Haifa Mount Carmel US$/sq.m/year 350 11.1% -0.7% 33 260Israel Jerusalem Ben Yehuda US$/sq.m/year 500 4.2% -0.7% 46 371Israel Jerusalem King George Street US$/sq.m/year 600 0.0% -0.7% 56 445Israel Tel Aviv Ayalon Shopping Centre US$/sq.m/year 1,100 10.0% -0.7% 102 816Israel Tel Aviv Ramat Aviv US$/sq.m/year 1,440 20.0% -0.7% 134 1,069Israel Tel Aviv Dizengoff Shopping Centre US$/sq.m/year 550 31.0% -0.7% 51 408Israel Tel Aviv Dizengoff Street US$/sq.m/year 500 38.9% -0.7% 46 371Lebanon Beirut Rue Verdun US$/sq.m/year 1,000 0.0% 2.7% 93 742Lebanon Beirut Rue Hamra US$/sq.m/year 700 0.0% 2.7% 65 520Lebanon Beirut Kaslik US$/sq.m/year 650 0.0% 2.7% 60 482Lebanon Beirut ABC Centre Achrafieh US$/sq.m/year 1,250 0.0% 2.7% 116 928Lebanon Beirut City Centre (BCD) US$/sq.m/year 1,200 0.0% 2.7% 111 891
Africa
South Africa Cape Town V&A Waterfront R/sq.m/year 6,037 5.0% 6.4% 79 633South Africa Johannesburg Sandton City R/sq.m/year 6,195 5.0% 6.4% 81 650South Africa Durban The Pavillion R/sq.m/year 5,292 5.0% 6.4% 69 555South Africa Pretoria Menlyn Park R/sq.m/year 4,620 5.0% 6.4% 61 485
Rent Annual Rent (p.a)
Country Cities Location Local measure June 2007 Growth % Inflation% US$/sq.ft €/sq.m
15
Argentina US $ 1.00
Australia Australian $ 1.1784
Austria Euros 0.742
Belgium Euros 0.742
Brazil US $ 1.00
Bulgaria Euros 0.742
Canada Canadian $ 1.0593
China US $ 1.00
Czech Republic Euros 0.742
Denmark Danish Krona 5.4987
Finland Euros 0.742
France Euros 0.742
Germany Euros 0.742
Greece Euros 0.742
Hong Kong Hong Kong $ 7.8172
Hungary Euros 0.742
India Rupees 40.735
Ireland Euros 0.742
Israel US $ 1.00
Italy Euros 0.742
Japan Yen 123.318
Lebanon US $ 1.00
Malaysia Malaysian Ringgit 3.4589
Mexico US $ 1.00
Netherlands Euros 0.742
New Zealand New Zealand $ 1.2974
Norway Euros 0.742
Philippines Philippine Peso 46.44
Poland US $ 1.00
Portugal Euros 0.742
Romania Euros 0.742
Russia US $ 1.00
Singapore Singaporean $ 1.53
Slovakia Euros 0.742
South Africa Rand 7.076
South Korea Won 926.269
Spain Euros 0.742
Sweden Swedish Krona 6.842
Switzerland Swiss Francs 1.229
Thailand Baht 32.00
Taiwan Taiwan Dollar 32.86
Turkey US $ 1.00
UK Pound Sterling 0.4991
USA US $ 1.00
Country Rent Quoted 1US$= Country Rent Quoted 1US$= Country Rent Quoted 1US$= Country Rent Quoted 1US$=
EXCHANGE RATES
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M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 0 716
RESEARCH SERVICES
Technical Specification
The information contained in this report has been collected as at June 2007, in a comprehensive survey of Cushman &
Wakefield's international offices. Our representation is designed to facilitate the rapid flow of information across bor-
ders and is supported by a comprehensive database of market information and regular liaison meetings. This allows for
the exchange of local market knowledge and expertise and for the co-ordination of strategy for international investment
and locational decision-making.
Retail Rental Survey
For each location a standard definition of a prime unit is employed. This is to endeavour to make the results as compara-
ble as possible, given varying local market practices. Professional agency teams provide their opinion of the prevailing rent
for such a property in the light of recent evidence and trends in the market.
Data for retail rents relates to our professionals’ opinion of the rent obtainable on a standard unit in a prime pitch of 231
locations across 44 countries around the world. The figures relate to rent only. Key monies and service charges such as
building insurance, local taxes and costs of repair payable by the tenant are not included.
In the dynamic international retailing sector, local market characteristics, technological advancements and the evolution of
new retail formats are just several of the forces that impact on the size and configuration of retail units. As a result occu-
pation costs vary from one country to another. For the purposes of this survey, the standard unit is defined, where pos-
sible, as having a frontage of 6 metres and a depth of 25 metres.
Information on rental levels relates to prime property and the figures reflect our opinion on the tone of the market for the
best properties and do not merely track the highest rent that has been achieved.
This report was written by Darren Yates and Anthea To of the European Research Group at Cushman & Wakefield, London.
Further Information
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Research provides a strategic advisory and supporting role. Consultancy projects are undertaken on a local and internation-
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projects include:
� Reliable and comparable data and market intelligence
� Site specific, location analysis, ranking and targeting for occupation or investment
� Analysis of future development activity and existing supply/competition
� Market research and demand analysis by retail/industry sector
� Rental analysis, forecasts & investment & portfolio strategy
For further information on our services in Europe and worldwide please contact:
David Hutchings - Head of the European Research Group
Tel: +44 (0) 207 152 5029
Email: [email protected]
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Main streets World.indd 2 5/11/07 13:29:03
12/07/08 20:07Oviedo, la ciudad más limpia; Jaén, la más sucia
Página 1 de 1http://www.elpais.com/articulo/sociedad/Oviedo/ciudad/limpia/Jaen/sucia/elpepusoc/20070329elpepusoc_8/Tes?print=1
ImprimirVersión para imprimir
Oviedo, la ciudad más limpia; Jaén, la más suciaUn informe de la OCU alerta del aumento de suciedad en las calles españolas en losúltimos seis añosELPAIS.com - Madrid - 29/03/2007
Oviedo puede presumir de ser la ciudad más limpia de España, frente a Jaén, la que tiene las calles mássucias, según un estudio realizado por la Organización de Consumidores y Usuarios sobre la recogida selectivade basura. Siguen a la ciudad asturiana, tres localidades vascas -San Sebastián, Bilbao y Getxo- y Pamplona. Ala cola, aunque un poco más limpias que Jaén, está Sevilla, Toledo, Badajoz, Alicante o Guadalajara.
Los excrementos, las pintadas y las obras son, según los ciudadanos encuestados por la OCU, los problemasmás graves de limpieza viaria. La suciedad en las zonas donde se practica el botellón y la poca atención a losbarrios periféricos son otros problemas señalados en la encuesta. El 78% cree que las campañas deconcienciación serían más eficaces que el aumento de los medios materiales destinados a la limpieza.
La OCU ha observado un esfuerzo por parte de todas las capitales de provincia españolas para poner enmarcha la recogida selectiva de residuos; sin embargo, la cruz está en el aspecto de su área urbana: la limpiezade calles y jardines ha empeorado en los últimos seis años. La Organización ha realizado el estudio a través deun cuestionarios enviado a 59 ayuntamientos españoles y una encuesta a 30.000 socios repartidos por toda elárea geográfica española.
Kilo y medio de basura por cabeza
Cada ciudadano español genera casi un kilo y medio de basura al día, según los datos recabados por laorganización de consumidores. En cuanto a la recogida selectiva, sólo en el 27% de los Ayuntamientos tienensistemas a domicilio. El papel y el vidrio se recogen de forma separada en todas las ciudades, aunque enmuchas se ha superado el objetivo de un contenedor por cada 500 habitantes. Los contenedores amarillos,destinados a envases ligeros, también se han extendido a todas las ciudades, con la excepción de Teruel yCeuta.
Sin embargo, los residuos no se acaban con la materia orgánica, el papel o el vidrio. Otros muchos residuosforman parte de la basura doméstica y, por sus características o peligrosidad, requieren de una recogidaespecial. Según la OCU, los puntos limpios -aquellos en los que se han de depositar los residuos voluminososo peligrosos- son todavía poco conocidos.
Los Ayuntamientos destinan de promedio 35 euros por habitante y año a la recogida de residuos. Respecto dela limpieza viaria, el presupuesto medio es de 41 euros. Para sufragar estos gastos los Ayuntamientos cobranun impuesto que se suele aplicar a cada vivienda y cuyo promedio es de 65 euros al año.
© Diario EL PAÍS S.L. - Miguel Yuste 40 - 28037 Madrid [España] - Tel. 91 337 8200© Prisacom S.A. - Ribera del Sena, S/N - Edificio APOT - Madrid [España] - Tel. 91 353 7900