Bratislava’s Obchodná Street belongs among the 100 most expensive retail streets in the world. It placed 52nd in the 2017 Main Streets Across the World report published by real estate services firm Cushman & Wakefield.
The price for renting one square metre on the street per year amounted to €540 in the second quarter of 2017.
“Slovakia’s economy is one of the fastest growing in the euro area, with the retail sector benefiting from improvements in the labour market and increasing household incomes,” reads the report.
New entrants, like Nespresso and Kiehl’s, continue to seek out opportunities across Slovakia and, with very limited availability in the country’s main shopping centres, nearby high streets are benefiting from overspill demand, the authors continue.
New York City leads the global ranking
The annual Main Streets Across the World report tracks 451 of the top retail streets around the globe and ranks the most expensive in 68 countries according to prime rental value utilising Cushman & Wakefield’s proprietary data.
This year’s edition shows that the most expensive retail street in the world is New York’s upper 5th Avenue, with annual rents at an average of €28,262 per square metre per year.
Second-ranked is Hong Kong’s Causeway Bay, despite a 4.7-percent fall in average rents to €25,673 per square metre per year, while London’s New Bond Street came in third, with its rents increasing over a third from the previous year to €16,200 per square metre per year.
Milan’s Via Montenapoleone, where rents rose 12.5 percent to €13,500 per square metre per year, was ranked fourth, while the Avenue des Champs Élysées in Paris, where rents are €13,255 per square metre per year, fell to fifth place despite rents remaining unchanged over the year.
23. Nov 2017 at 13:45 | Compiled by Spectator staff