The Champs-Elysees in Paris in 2011 is again the most expensive shopping street in Europe, ahead of New Bond Street in London, and retained its fifth place worldwide, according to the annual survey of real estate consultant company Cushman & Wakefield on Thursday.
The rental value of the Champs-Elysees was up 5.3% over the last twelve months 7364 euros per square meter per year, ahead of New Bond Street, who was dethroned in 2010, but the increase was smaller this years, from 4.3% to 6901 euros per m2/year, which descends from the fourth to sixth place.
“In contrast to the decrease of 9.5% recorded last year,” the increase in rental value of the Champs-Élysées “sign a comeback of the most beautiful avenue in the world, recently hosted several openings and significant transactions “the study says, referring to the scheduled arrival of the British chain Marks and Spencer and the American clothing brand Banana Republic.
The avenue also welcomed recent months many textile retailers, to the regret of the City of Paris, fearing that the movement would jeopardize the cinemas and restaurants on the avenue.
“Other projects could materialize in the coming months and push even the rental value” of the best locations on the Champs-Elysees on the rise, the study provides.
“The economic recovery, even fragile, the development of tourism in the capital and reducing the number of opportunities available whet the appetite for major international brands already present in Paris or wishing to establish themselves,” says Christian Dubois CEO of Cushman & Wakefield.
Globally, the top three remains unchanged: the 5th Avenue in New York is still the most expensive for the tenth consecutive year, to 16,704 euros (+21.6%), followed by Causeway Bay in Hong Kong 14 426 euros (+16.7%) and Ginza in Tokyo at 7750 euros (+8.7%).
Pitt Street Mall in Sydney, however, was hoisted from the 9th to 4th place at 7384 euros, with a jump of 33.3% of its rental value.