CB Richard Ellis reports NYC is retail priciest in the world
The Real Deal reports that NYC beats Sydney, with rents at $1,218 per square foot and Hong Kong, with $1,114 per square foot, as the most expensive retail market in the world. NYC's "prime rents" average in at $1,800 per square foot, according to CB Richard Ellis' global retail market report, released yesterday. The U.S., Canada and South America saw the greatest year-over-year rental increase last quarter, climbing 6%. Globally, the report stated that there is still a strong demand for retail space in most markets. For the full report, please visit here.