No big surprise here--New York City has the most expensive retail rents in the world, according to a new report from real estate firm Cushman & Wakefield.
Retailers located on the shopping mecca of Fifth Avenue paid an average of $2,250 per square foot for the 12-month period between June 2010 and June 2011, an increase of 21.6% over the previous year.
The U.S. overall experienced relatively strong growth, with retail rental prices increasing 11% over the year.
Cushman & Wakefield attributed the growth to strong performance in the U.S. luxury segment, as well as the weak dollar, which brought tourists into the larger coastal cities.
Growth was also strong in South America and in the Asia Pacific region, where rents increased 12.2% year-over-year, and which now lays claim to six of the 10 most expensive shopping locations on the planet.
