November 17, 2016
Cushman & Wakefield just released its Main Streets Across the World 2016/2017 special report that tracked 462 of the top retail streets around the globe. Three California streets rank among the most expensive in the Americas region, Los Angeles’ Rodeo Drive is No. 2, San Francisco’s Post Street is No. 3, while San Diego’s Del Mar Heights Blvd is No. 16.
New York’s Upper 5th Avenue remains the world’s most expensive retail street, narrowly ahead of Hong Kong’s Causeway Bay.
Cushman & Wakefield’s Rhonda Diaz-Caldewey says, “Despite the high cost of entry into San Francisco, retailer, food and hospitality demand remained high throughout the year. Rents increased in early 2016, and have leveled off towards the second half of the year.”
Cushman & Wakefield’s Phil Lyons notes, “Del Mar Heights is the ideal trade area for retailers, providing an attractive blend of high income residential and dense Class A office of over 4.4 million square feet within 1.5 miles. Retail opportunities are increasingly difficult to find along Del Mar Heights Road with near 100% occupancy and shop rents pushing over $100 per square foot NNN.”
For comments, questions or concerns, please contact Dennis Kaiser